Vermont Bar Journal, Vol. 40, No. 2 Spring 2015, Vol. 41, No. 1 | Page 30

by Victoria S. Lloyd, Esq.

Hiding in Plain Sight:
Financial Exploitation in Vermont
Financial exploitation of the elderly is
alive and well in Vermont. The National
Center on Elder Abuse defines financial exploitation as the illegal or improper use of
an elder’s funds, property, or assets.1 Examples include cashing checks without authorization or permission, forging an older
person’s signature, misusing or stealing an
older person’s money or possessions, coercing or deceiving an older person into
signing any document (e.g., contracts or
a will), and the improper use of guardianship or power-of-attorney powers. Perpetrators may be friends, family, caregivers,
or complete strangers. Victims are drawn
from across the socio-economic spectrum.
We in the state of Vermont are uniquely
positioned by virtue of our population size
and commitment to social justice to be a
national leader on this issue. Yet, it appears
another legislative session will end without
any substantive action and the key players
will continue to work without a shared vision or participation of state leadership.
Why Should We Care?

Exact statistics on the incidence of financial crimes against the elderly are not available. The impact of these crimes is surely
substantial; a recent study published by
MetLife Mature Market Institute estimates
that financial losses incurred nationally by
victims of elder financial crimes and exploitation exceed $2.9 billion dollars annually.2
Vermont does not capture these statistics.
But the impacts go far beyond the monetary. As an investigator for Adult Protective
Services (APS), I witnessed firsthand the
devastation of financial exploitation: eviction notices, shut-off utilities, choosing between food and medicine, and broken trust
and embarrassment. Victims blame themselves for trusting the perpetrator and often are ashamed and reluctant to seek help
or restitution.
So why should we care? We need to care
because the financial and emotional toll is
enormous. We need to care because this
crime touches our most vulnerable populations: elders and those with disabilities.
We need to care because we can do better.
What’s Working?

The problem is intractable but not impossible to address. Responders to financial abuse and exploitation include Adult
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Protective Services (APS), law enforcement,
financial institutions, private attorneys, offices of state’s attorneys, and the Attorney
General’s Consumer Protection Division. In
Vermont, financial exploitation is implicated in four statutes: Title 13, Title 33, Title
8, and Title 14. Under the criminal and the
Department of Disability, Aging, and Independent Living statutes, the definitions of
financial exploitation are virtually identical,
allowing law enforcement and APS investigators to work in tandem. Further, collaboration has begun between APS and the Attorney General’s Office to assist victims of
cross-border s