June is Elder Abuse Awareness Month
Jun. 8—Helping Ohio's seniors navigate the growing threat of financial exploitation
COLUMBUS — This year, older Ohioans are at risk of losing more than $60 million to scammers and fraudsters. In recognition of Elder Abuse Awareness Month during June, the Ohio Department of Commerce Division of Securities and the Ohio Department of Aging are partnering to shine a spotlight on a growing issue involving the financial exploitation of older adults.
In 2024, the Division of Securities received 302 scam- and fraud-related complaints from older Ohioans, which was up 22% from the previous year's 247 complaints. In addition, according to the FBI's Elder Fraud Report, Ohio had the sixth largest volume of complaints in the country in 2023, with losses exceeding $64 million. Meanwhile AARP found that, nationwide, more than $28 billion is stolen from individuals over the age of 60 annually, with three-fourths of those losses involving individuals the victim knows.
In response to this alarming trend and the increased risk posed to older Ohioans, the Division is highlighting the warning signs of elder financial abuse to protect loved ones from becoming a statistic. These warning signs include:
Unexplained financial changes, such as large withdrawals or unexpected fund transfers.
Changes in banking practices, such as adding new names to accounts, or uncharacteristic attempts to wire money to unknown acquaintances.
Unpaid bills, sudden non-sufficient fund activity, and unexplained purchases or debts.
"Financial exploitation of the elderly is one of the most pervasive and heartbreaking issues we encounter at the Ohio Division of Securities," Securities Commissioner Andrea Seidt said. "The victims are often targeted by perpetrators who exploit their loneliness, trust, or lack of familiarity with modern technology. Recognizing the signs of this abuse is critical so we can protect our friends and loved ones from these crimes that carry devastating financial consequences."
Older adults are particularly vulnerable to a wide variety of schemes, including romance scams, tech support impersonations, and grandparent scams. Perpetrators often use mail, phone calls, and online communication to trick seniors into handing over money, personal information, or access to their financial accounts. Once a victim is targeted, the financial losses and emotional toll can be severe.
If you suspect either yourself or someone in your life has been the target of a financial scam, you should immediately contact the Ohio Division of Securities at 614-644-7381 or local law enforcement. In addition, the Division is highlighting the below resources for reporting fraud and securing assistance.
Additional Resources to Protect and Address Elder Financial Exploitation
—To report securities fraud, call the Division of Securities' Investor Protection Hotline at 877-683-7841.
—Ohio's Adult Protective Services Referral Line is available at 855-OHIO-APS (855-644-6277).
—The Ohio Attorney General's Elder Justice Unit can be reached at 800-282-0515.
—For concerns about abuse in nursing homes, contact the Long-Term Care Ombudsman at 800-282-1206.
You Might Like
News
Man in cape, underwear breaks into West Portsmouth Dollar General
News
Proctorville woman killed in WV crash
News
Nearly $200K awarded in Healthy Communities grants to Lawrence groups by Pallottine Foundation
News
95-year-old woman killed in Pike County crash
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
8 hours ago
- Yahoo
June is Elder Abuse Awareness Month
Jun. 8—Helping Ohio's seniors navigate the growing threat of financial exploitation COLUMBUS — This year, older Ohioans are at risk of losing more than $60 million to scammers and fraudsters. In recognition of Elder Abuse Awareness Month during June, the Ohio Department of Commerce Division of Securities and the Ohio Department of Aging are partnering to shine a spotlight on a growing issue involving the financial exploitation of older adults. In 2024, the Division of Securities received 302 scam- and fraud-related complaints from older Ohioans, which was up 22% from the previous year's 247 complaints. In addition, according to the FBI's Elder Fraud Report, Ohio had the sixth largest volume of complaints in the country in 2023, with losses exceeding $64 million. Meanwhile AARP found that, nationwide, more than $28 billion is stolen from individuals over the age of 60 annually, with three-fourths of those losses involving individuals the victim knows. In response to this alarming trend and the increased risk posed to older Ohioans, the Division is highlighting the warning signs of elder financial abuse to protect loved ones from becoming a statistic. These warning signs include: Unexplained financial changes, such as large withdrawals or unexpected fund transfers. Changes in banking practices, such as adding new names to accounts, or uncharacteristic attempts to wire money to unknown acquaintances. Unpaid bills, sudden non-sufficient fund activity, and unexplained purchases or debts. "Financial exploitation of the elderly is one of the most pervasive and heartbreaking issues we encounter at the Ohio Division of Securities," Securities Commissioner Andrea Seidt said. "The victims are often targeted by perpetrators who exploit their loneliness, trust, or lack of familiarity with modern technology. Recognizing the signs of this abuse is critical so we can protect our friends and loved ones from these crimes that carry devastating financial consequences." Older adults are particularly vulnerable to a wide variety of schemes, including romance scams, tech support impersonations, and grandparent scams. Perpetrators often use mail, phone calls, and online communication to trick seniors into handing over money, personal information, or access to their financial accounts. Once a victim is targeted, the financial losses and emotional toll can be severe. If you suspect either yourself or someone in your life has been the target of a financial scam, you should immediately contact the Ohio Division of Securities at 614-644-7381 or local law enforcement. In addition, the Division is highlighting the below resources for reporting fraud and securing assistance. Additional Resources to Protect and Address Elder Financial Exploitation —To report securities fraud, call the Division of Securities' Investor Protection Hotline at 877-683-7841. —Ohio's Adult Protective Services Referral Line is available at 855-OHIO-APS (855-644-6277). —The Ohio Attorney General's Elder Justice Unit can be reached at 800-282-0515. —For concerns about abuse in nursing homes, contact the Long-Term Care Ombudsman at 800-282-1206. You Might Like News Man in cape, underwear breaks into West Portsmouth Dollar General News Proctorville woman killed in WV crash News Nearly $200K awarded in Healthy Communities grants to Lawrence groups by Pallottine Foundation News 95-year-old woman killed in Pike County crash
Yahoo
8 hours ago
- Yahoo
The Spectrum: Lt. Gov. Tressel; Ohio budget; defense contractor setting up in central Ohio
COLUMBUS, Ohio (WCMH) – This week on The Spectrum: Former Ohio State football coach Jim Tressel is settling in as Ohio Gov. Mike DeWine's right-hand man, but will he try to run to replace him? Colleen Marshall sits with the lieutenant governor for an exclusive interview as he weighs a potential run for the governor's mansion. Both property tax relief and a flat state income tax could become a reality if the latest draft of the state budget passes. 'I think it's a very exciting and very bold budget,' State Sen. Jerry Cirino (R-Kirtland) said. Hear how the budget could affect funding for the state's school districts. Anduril, a cutting-edge defense contractor, is setting up shop in America's heartland. 'Central Ohio is going to be vital to the future of what we do,' Anduril Senior Vice President of Strategy Zachary Mears said. Hear how the business is already making an impact on the war in Ukraine as it prepares to employ thousands of central Ohioans. Democratic strategist Spencer Dirrig and Republican strategist Terry Casey join the roundtable to discuss Tressel's political future in red-state Ohio and the disagreements between the Ohio House and Senate over the budget. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
CBS News
10 hours ago
- CBS News
State sues Colorado 'house flipper' for lying to investors, losing their money
A Colorado man was recently indicted for fraudulently raising $4.8 million from at least 80 investors to support his home "flipping" business. Mack Jamie Sprouse, 57, turned himself in last week to sheriff's deputies after the Colorado Division of Securities investigated his fundraising and presented its accusations to a Jefferson County grand jury. In a press release, the Division stated Sprouse issued promissory notes to investors with a promise to repay the principal of the note and high-interest payments. Sprouse, however, was not registered to offer or sell securities in Colorado. Additionally, the investments were not secured and Sprouse lacked sufficient funds to repay investors. Sprouse faces 11 counts of securities fraud. Sprouse owns Urban Veneer Holdings LLC based in Lakewood. The business specializes in "house flipping," or quickly buying and re-selling homes after extensively upgrading and remodeling them. "Sprouse made untrue statements of material fact and failed to disclose material facts to investors and engaged in business practices that operated as fraud and deceit upon investors," as stated in the Division's press release. "Sprouse allegedly misrepresented how he would use investor funds and his use and reliance on other sources of funding for Urban Veneer." A search of online public records shows Urban Veneer Holdings formed and registered with the state in 2020. Six liens have been filed against the business and/owner Sprouse since 2019 in Colorado. Plus, four civil suits have been filed in Jefferson County by creditors seeking compensation from Sprouse and/or his Urban Veneer Holdings in the last two years. One of those suits claims more than $447,000 is owed to the creditor. Sprouse paid a $50,000 personal recognizance bond Tuesday and was released from jail the same day he was arrested. The Colorado Attorney General's Criminal Justice/Financial Fraud Unit is prosecuting the case. A hearing is scheduled for June 8. In an unrelated matter, public records also indicate Sprouse is the father of Jordan Sprouse. The 18-year-old was killed in 2014 by a DUI driver weeks before his graduation from Lakewood High School. That driver was trying to scare his wife by speeding and running red lights on Kipling Avenue when the couple's car struck Jordan Sprouse's. Alton Kirkland is still serving a 35-year sentence in the Colorado Department of Corrections for the incident.
