Florida Second In Nation In Elder Fraud Complaints

According to a report from Spectrum News 13, Florida has the second highest rate of elder financial fraud complaints nationwide. The Federal Trade Commission (FTC) estimates that elderly Americans lost $2.5 billion to fraud in 2023 alone. Though the agency noted that the full scope of elder financial fraud may even have been far higher as the crime is systematically underreported.

Florida takes elder financial fraud cases very seriously. Our state has a specific criminal statute in place for elder financial exploitation. At The Baez Law Firm, we defend these complex cases. Here, our Orlando white collar defense attorney discusses elder financial fraud charges in Florida.

The Statute: Exploitation of an Elderly Person 

Under Florida law (Florida Statutes § 825.103), exploitation of an elderly person is a serious offense. It is a crime targeted at people who (allegedly) misuse the funds, assets, or property of persons aged 65 and older. The crime can involve deception, intimidation, or manipulation of the elderly for personal gain. Indeed, it covers a range of actions, from illegally using an elderly person’s funds to coercing them into altering their will or financial documents. Depending on the value of the assets involved, the charge can range from a third-degree felony to a first-degree felony. 

Note: A person who is accused of committing the crime of elder financial fraud could face a charge for exploitation of an elderly person under Florida law. However, there is certainly no guarantee that is the only charge that they will face. For example, a defendant may wire fraud or mail fraud. 

Penalties for Criminal Elder Financial Fraud 

Financial exploitation of an elderly person is a felony criminal offense in Florida. The exact charge—and the associated penalties—will depend in large part on the “value” of the crime. If the value of the assets exploited is less than $20,000, it’s classified as a third-degree felony. The maximum prison sentence is five years. On the other end of the spectrum, exploitation of an elderly person in excess of $100,000 is a first degree felony. It can carry up to 30 years behind bars. 

You Have the Right to Defend Yourself Against Exploitation of an Elderly Person Charges 

Were you or your loved one accused of financial exploitation of an elderly person? If so, you have the right to raise a zealous legal defense. A charge is an allegation—and every person is presumed innocent until proven guilty in a court of law. Some common defense strategies include:

• Lack of evidence;
• Mistaken identity;
• Permission to use funds;
• Good faith misunderstanding; and
• A plea agreement. 

Contact Our Orlando, FL Elder Fraud Defense Lawyer Today

At The Baez Law Firm, our Orlando elder fraud defense attorney has the professional expertise that you can rely on in even the most complex of cases. Facing any type of fraud charge? We are here to help. Contact us today to arrange a fully private initial case assessment. With a law office in Orlando, we defend financial fraud charges in Orange County and communities beyond.

Source:

mynews13.com/fl/orlando/news/2024/08/29/fraud-on-the-rise-in-florida–elderly-most-at-risk-