Co-hosted by the Pennsylvania Department of Banking and Securities, American Bar Association Commission on Law and Aging, Investor Protection Trust, Investor Protection Institute, the First Judicial District of Pennsylvania and Philadelphia Bar Association
Elder Investment Fraud and Financial Exploitation (EIFFE): Ethical Traps for Lawyers and Navigating the Challenges of Diminished Financial Capacity
As demonstrated by the sensational Brooke Astor case and other less notorious examples, a lawyer who is ignorant of elder investment fraud and financial exploitation (EIFFE) and of the signs of diminished financial capacity may fail to protect the client from harm or unwittingly participate in the client’s victimization. Such lawyers may face professional discipline, liability for malpractice, or even criminal charges. As EIFFE costs victims, families, governments and businesses more than $2.9 billion annually and affects approximately five percent (5%) of older persons, every lawyer needs to understand how the epidemic of EIFFE may affect them professionally and personally. This is especially relevant in Pennsylvania, where approximately 2.9 million of the commonwealth’s 12.8 million residents are age 60 and older and more than 300,000 are age 85 and older. By 2020, the population of older Pennsylvanians is projected to increase by 25%, with the over-80 population expected to increase by 20,000 individuals.
This CLE program will highlight and examine:
- The demographic and physiologic changes occurring in the U.S. and Pennsylvania populations that increase the likelihood that lawyers will deal with diminished financial capacity and EIFFE in their work and in their families
- Ethical and practical dilemmas that challenge lawyers and provide tips for addressing those dilemmas
- The indicators of EIFFE and suggest options for assisting victims
National and Pennsylvania presenters with expertise in EIFFE, financial capacity and ethical rules will discuss: