PORTLAND, Ore. (KOIN) — A man who cashed out an elderly family member’s stocks without permission was ordered to pay $32,000 in restitution.
Multnomah County District Attorney Rod Underhill announced David Walters was put on 2 years probation after he paid the $32,000 as part of a pretrial agreement. The 63-year-old reportedly cashed the stocks while knowing they were protected. The investigation began in November 2017 when police first learned of a 91-year-old man with dementia who was the victim of a theft.
The family of the victim told police that due to his dementia, the victim could not make his own financial decisions.
“This case involved a very vulnerable victim. These elder financial exploitation cases are very complex and oftentimes very emotional,” said Multnomah County Deputy District Attorney Christopher Shull.
According to the American Bankers Association, senior financial abuse is estimated to have cost victims nearly $3 billion last year alone.
Warning signs of potential elder abuse:
- Sudden and unexplained financial transfers;
- Sudden and unexplained “gifts” being given from an elderly person;
- Sudden and unexplained or changes in a person’s will or other estate planning documents;
- Unexplained spending patterns on a person’s financial bank accounts;
- ATM withdrawals that seem inconsistent with an elderly person’s spending habits.