Whether buying bogus products on infomercials or being deceived by dishonest caretakers dipping into the cookie jar, millions of older Americans have fallen prey to elder fraud and financial exploitation.
It even happened to legendary actor Mickey Rooney, who died this year with an estate reportedly valued at only $18,000. Rooney went from being a teenage Hollywood icon to becoming an alleged victim of financial abuse who testified before Congress about the need to protect elderly against financial fraudsters, including family members.
According to some estimates, financial fraud involving senior citizens is a $40 billion annual problem in the United States and rates are expected to continue skyrocketing as more baby boomers hit their golden years.
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