We recently concluded a sad case involving a daughter who coerced her 82-year-old father into “giving” her $100,000 to purchase the lot next door to their house in Canton. She and her husband were convinced that a Walmart may be moving in and wanted to cash in on the opportunity.
She told her father that she would “never speak to him again” if he did not give her the cash.
Even the bank manager recalled the transaction. Unfortunately, he should have reported incident at the time to bank security.
We recovered the full amount of the loss, $100,000 plus a substantial penalty from his daughter and her husband.
Financial abuse of seniors does not always come in the form of a slick annuity salesman. Beware of family members and friends asking for money and financial assistance.