What to Do If You Suspect Elder Financial Abuse: Immediate Steps to Protect Seniors and Report Exploitation

Elder financial abuse is one of the fastest-growing forms of exploitation in the United States—and one of the most underreported. Each year, billions of dollars are stolen from seniors through deceptive investment schemes, financial account manipulation, and outright theft. If you believe you or a loved one is being financially exploited, it’s critical to take swift and informed action to protect yourself or them and potentially recover what was lost.

At Silver Miller, we specialize in helping victims of elder financial abuse and their families pursue justice through legal action. Here’s what you need to know—and what to do—if you suspect elder financial exploitation is happening.

Recognizing the Warning Signs of Elder Financial Abuse

Financial exploitation can take many forms, but common red flags include:

• Sudden or unexplained account withdrawals
• Unfamiliar names added to bank or investment accounts
• Changes to wills, trusts, or power of attorney under suspicious circumstances
• A senior expressing confusion about “missing” money or unfamiliar transactions
• Financial advisors pressuring elderly clients into high-risk or unsuitable investments
• Hastily investing in cryptocurrency with little understanding of, and no experience with, cryptocurrency

Many cases involve trusted individuals—family members, caregivers, or even financial professionals—who use their position of authority and trust to gain control over a senior’s assets.

Immediate Steps to Take If You Suspect Exploitation

If you believe elder financial abuse is occurring, acting quickly can prevent further damage and increase your chances of recovery. Here are the key steps to take:

1. Secure Financial Accounts

Freeze or closely monitor bank, brokerage, and credit accounts to prevent further unauthorized access or transactions.

2. Document Everything

Keep records of suspicious withdrawals, text messages, emails, or any communication that seems manipulative or coercive.

3. Alert the Financial Institution

Notify the bank, brokerage firm, or investment advisor about your concerns. Many firms have protocols in place to freeze accounts and flag suspicious activity—especially for senior clients.

4. Report to Adult Protective Services (APS)

Each state has its own APS agency tasked with investigating elder abuse. Filing a report can trigger an investigation and help protect the senior from further harm.

5. File a Complaint with FINRA or the SEC

If a registered broker or financial advisor is involved, file a regulatory complaint with the Financial Industry Regulatory Authority (FINRA) or the Securities and Exchange Commission (SEC). These agencies can investigate and sanction financial professionals who exploit vulnerable investors.

6. Contact an Experienced Elder Financial Abuse Attorney

While regulatory complaints can help expose wrongdoing, they do not result in financial compensation. To pursue a recovery of stolen or mismanaged funds, you’ll need a knowledgeable attorney who can represent your or your loved one’s interests through arbitration, litigation, or settlement.

Why Legal Action Matters

Time is of the essence in elder financial abuse cases. The longer you wait, the harder it may be to trace and recover the misappropriated assets. At Silver Miller, we represent victims and their families in cases involving:

• Broker and investment advisor misconduct
• Power-of-attorney abuse
• Fraudulent investment schemes
• Cryptocurrency account exploitation
• Unauthorized account transfers and withdrawals

We work to hold wrongdoers accountable and recover funds through FINRA arbitration, civil litigation, and other legal remedies.

Don’t Let Elder Financial Abuse Go Unanswered

Financial abuse not only robs seniors of their savings—it strips them of dignity and independence. If you believe you or your loved one is being exploited, don’t stay silent. We’re here to help.

Contact Silver Miller – The Crypto and Investment Fraud Lawyers

Silver Miller is nationally recognized for representing victims of investment fraud and elder financial exploitation. Our attorneys have successfully pursued claims against brokers, advisors, and financial institutions that prey on vulnerable individuals.

Call us today for a free, confidential consultation. We’ll review your case, explain your options, and fight for the justice you and your loved ones deserve.