SACRAMENTO, CALIFORNIA - The Financial Elder Abuse Reporting Act of 2005 is an important piece of legislation that can be used to prevent financial elder abuse. The Financial Elder Abuse Reporting Act of 2005 specifically added employees of financial institutions - such as banks, credit unions, and savings and loans - as mandated reporters of financial abuse perpetrated against elder and dependent adults. Under such Act, if an employee of a financial institution fails to report suspected financial elder abuse, a fine of up to $1,000 can be imposed on the financial institution. A fine of up to $5,000 can be imposed if it is determined that the failure to report suspected financial elder abuse was willful.
Financial abuse is the fasted growing form of elder abuse and California has more residents over 65 than any other in the nation. Over 200,000 Californians are victims of elder and dependent adult abuse each year, yet only one in 100 cases are reported.
Berman & Riedel, LLP is first and foremost an advocate for the elderly, working tirelessly to promote awareness and recognition of the serious elder abuse and neglect problem that plagues the State of California. Our attorneys are experienced in this complex area of law, and have the knowledge necessary to provide you with the absolute best possible representation. If you or a loved one has been the victim of elder abuse or neglect, please contact an attorney at Berman & Riedel, LLP for more information on how to best pursue your legal rights.