The number of Minnesotans turning 65 during 2010-2019 (about 285,000) will be greater than the past four decades combined.
There have been well-publicized reports of problems in some nursing homes and assisted living facilities. Those are serious issues and are the subject of important studies, new proposed legislation, and much discussion. Minnesota has enacted a number of criminal statutes to further the legislature’s stated public policy of protecting “adults who . . . are particularly vulnerable to maltreatment. . . ”
But, for decades little has been done by the legislature to provide enhanced civil remedies to senior citizens who are victims of financial fraud. Financial fraud on senior citizens should not be neglected. The Minnesota Attorney General’s “Seniors Guide to Fighting Fraud” reports on common scams often directed at senior citizens. It reports that telemarketing fraud alone is estimated by the Federal Trade Commission to cost US consumers of all ages more than $40 billion per year. It also notes that while people in their 20’s report being defrauded more than people over 70, seniors tend to lose more money (presumably because they have more money to be pilfered). Read more.