Nevada Secretary of State Barbara Cegavske Alerts Nevadans to the Warning Signs of Guardian Financial Abuse
FOR IMMEDIATE RELEASE
Contact: Jennifer A. Russell
(Carson City, NV; November 1, 2017) - Nevada Secretary of State Barbara Cegavske is alerting Nevadans to the red flags of financial abuse by guardians appointed to oversee the financial matters of the elderly. These red flags have been identified by the North American Securities Administrators Association (NASAA), of which Nevada is a member.
Warning signs of possible abuse include:
- Using guardianship authority to transfer property for the guardian’s benefit.
- Receiving personal payments from a protected individual without court permission.
- Authorizing frequent cash withdrawals from the protected individual’s accounts without explanation.
- Using or borrowing property for personal benefit without court authorization.
- Making unexplained decisions that are not in the protected individual’s best interest.
“It is important that all Nevadans, including those professionals who have contact with financial guardians, are aware of these indicators of exploitation,” said Secretary Cegavske. “Financial exploitation of our seniors by guardians and others costs our seniors not only their financial security, but can also seriously impact their health.” In 2015, the Secretary of State’s office sponsored legislation to, among other things, require training of broker dealers and investment advisers on how to identify and report exploitation.
Additional legislation concerning guardianship was passed during the 2017 Nevada Legislative Session, including Assembly Bill 130 which authorizes the Nevada Supreme Court to create a State Guardianship Compliance Office to provide auditing and investigative services to the district courts during the administration of guardian proceedings.
To report suspected exploitation, please contact Elder Protective Services at 888-0729-0571 or, if the matter involves investments, the Nevada Secretary of State’s Securities Division at 702-486-2440.
A link to the NASAA publication can be found at http://serveourseniors.org/about/investors/red-flags-guardian-financial-abuse/.