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Financial
Jun 16, 2017

Elder Exploitation And Prevention

Sponsored Content provided by Adam Shay - Director of VCFO Services, Red Bike Advisors

This Insights article was contributed by Richard Pasquantonio, CPA/CFF, CFE, CDFA (NC License Number 33577), an associate at Adam Shay CPA, PLLC.

I recently had the opportunity to listen to Jane Jones, Director of the Area Agency on Aging Cape Fear Council of Governments, Susie Sprenger and Sean Dwyer from the Adult Services Division of the New Hanover County Department of Social Services, along with Detective Ron Beasley of the New Hanover County Sheriff’s Department.
They discussed the challenges their organizations have in meeting the increased demand in elder abuse reports.

Older adults are the fastest-growing segment of North Carolina’s population, with the number of people age 65 and over expected to increase from 969,000 in 2000 to 2.145 million by 2030. According to the National Committee for the Prevention of Elder Abuse (NCPEA), 20 percent of this segment of our population has experienced elder abuse.

Elder exploitation is the illegal or improper use of a disabled adult or their resources for another’s profit or advantage.

According to the Consumer Financial Protection Bureau, older adults are often targeted because of the wealth they have accumulated or because they have regularly occurring and secure income streams, such as pensions or social security. They are particularly vulnerable because they are often isolated, lonely, physically disabled and/or experiencing cognitive decline.

According to Adult Protection Services of New Hanover County, exploitation indicators include:

  • Unexplained withdrawal of money from bank accounts
  • Use of deceit, treachery, or coercion
  • Differences between assets and lifestyle
  • Unusually large payments for services
  • Mismanagement of personal funds (failure to pay for essential services)
  • Inappropriate sexual activity
North Carolina is a mandatory reporting state. Any person, regardless of affiliation, who believes that an older adult or an adult with disabilities is being abused, neglected or exploited is required to report the situation to the local county department of social services where the adult is located.

To report an issue of elder abuse, neglect or exploitation of a disabled adult contact Adult Protective Services Intake at 910-798-3420 with the following information:
  • Name and address
  • Age or birth date
  • Caregiver/caretakers name (if there are any)
  • Explanation of the situation and why the person needs protection
  • Mental or physical condition of the person
  • Names of others who may help provide information regarding the situation
Richard Pasquantonio, CPA/CFF, CFE, CDFA (NC License Number 33577), is an associate at Adam Shay CPA, PLLC. He focuses on forensic accounting, fraud prevention and detection, and tax controversy resolution. He is also an AICPA CFF Champion. The purpose of the CFF Champion program is to inform the professional community about the vital role of forensic accounting professionals, the knowledge required to become a CFF, and the benefits of the CFF credential. For more information, visit http://www.wilmingtontaxesandaccounting.com/ or email him at [email protected]. Pasquantonio can also be reached by phone at (910) 256-3456.

Adam Shay, CPA (N.C. License Number 35961), MBA, is managing partner of Adam Shay CPA, PLLC. He focuses on minimizing taxes and improving the financial results of entrepreneurs, and is actively involved in supporting the Wilmington entrepreneurial and startup community. For more information, visit http://www.wilmingtontaxesandaccounting.com/ or email him at [email protected]. He can also be reached by phone at (910) 256-3456.


 

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