Friends–
Here is a case of elder abuse as a crime, in a common transaction. It says annuity sales people need to be very careful in dealing with older adults:
An annuity salesperson has been convicted and ordered to jail for selling an indexed annuity to an 83 year old woman who showed signs of dementia. He has been granted bail pending an appeal. Here is the Wall Street Journal article: http://online.wsj.com/article/SB10001424052702303863404577288480158320286.html?KEYWORDS=lawyer
And here is a more detailed insurance industry report: http://enews.insurancemail.biz/article.aspx?id=331872&type=topnews
The apparent hero in this situation was an alert banker who called APS when the elder showed signs of confusion when making the withdrawal ($175,000) to pay for the annuity.
The Gerontology Consortium annual conference this year is on Elder Abuse. It will be held May 31, 2012, at Holy Cross College, Notre Dame, Indiana. Click here for info: http://gerontologyconsortium.health.officelive.com/news.aspx
:- Doug.
