Articles Posted in Financial Elder Abuse

A University of Chicago study reveals that approximately 13 percent of elderly Americans experience some sort of mistreatment. The most common form of abuse was verbal, experienced by 9 percent of elderly Americans, then financial mistreatment, experienced by 3.5 percent, and then physical abuse, reported by .2 percent of the elderly.

“The population of the country is aging, and people now live with chronic diseases longer. So it’s important to understand, from a health perspective, how people are being treated as they age,” said lead author Edward Laumann, the George Herbert Mead Distinguished Service Professor in Sociology at the University of Chicago.

The study revealed variations in the abuse, depending on age and ethnicity, and females were twice as likely to report verbal mistreatment.

Police have arrested an Escondido couple for cheating elderly victims throughout San Diego County in a financial scam that garnered $1.5 million. According to police, Janet and Ronald Reiswig cheated 30 people in the county, most of them senior citizens. The Reiswigs have been charged with 79 criminal counts, including elder abuse and fraud.

According to reports, the couple advertised a certificate of deposit investment product that they claimed would return between 7 and 7.5%. In meetings at their offices, the Reiswigs persuaded their mostly elderly clients to write checks that they promised would be invested. They weren’t. Instead the victims were sent phony CDs from the Reiswig’s company Global Reserve BT, and the couple then used the money for their personal use.

One East County woman, who is 76, said Friday she lost $63,000 to the alleged investment scam. It was nearly everything she had saved, after a lifetime of setting aside $25, maybe $50, a month. Now, she said, she is reduced to living on her Social Security check, which is less than $1,000 a month, to cover gas, food and rent. Money is so tight, she said, that she quit going to church most days of the week because gas is too expensive.

Contact Information