Alabama Securities Commission Recognizes World Elder Abuse Awareness Day, Conducts Outreach Events Year-Round

MONTGOMERY, AL (STL.News) – In recognition of World Elder Abuse Awareness Day
(WEAAD) on June 15th, the Alabama Securities Commission (ASC) is participating in a number of events
throughout Alabama to inform seniors, professional caregivers and financial professionals to be on the lookout
for elder financial abuse, including potential exploitation by family members or caretakers.  From the beginning
of 2019 until the end of this month the ASC will have participated in and helped sponsor eleven senior or
professional caregiver training events in Alabama.

“Senior financial exploitation is a growing problem. Many in our elderly population are vulnerable due
to social isolation and distance from family, caregiver, and other support networks,” Director Joseph Borg said.
“Taking the time to understand the warning signs and the steps that can be taken to report financial abuse are
key to helping those who cannot help themselves.”

The North American Securities Administrators Association (NASAA), of which ASC is a member, has
developed resources to help call attention to the red flags of fraud and suspected guardian financial abuse.  For
example, the “Guarding the Guardians” publication provides examples of exploitation and information on how
to report suspected abuse.

Examples of suspected guardian abuse include:

The guardian takes money from the protected individual’s investment portfolio to buy a flashy
car for personal use.
• The guardian overcharges for a caregiving service, such as billing the estate hourly for wait time
to file paperwork in person when it could have been submitted online.
• The guardian does not take the protected individual to medical appointments or purchase
necessary medication.

The publication as well as other resources to help seniors are available on NASAA’s Serve Our Seniors
website (serveourseniors.org) at the following link: http://serveourseniors.org/about/investors/.  Other senior
investor protection resources are available on the ASC’s website at www.asc.alabama.gov
Financial and investment professionals also are encouraged to contact the agency to request a
Senior$afe presentation on how to spot and report suspected senior financial exploitation.

Director Borg asks anyone with suspicions of possible senior financial exploitation to contact the agency
at 1-800-222-1253.