Elder fraud

U.S. authorities announced a year-long “largest-ever” elder fraud crackdown resulting in criminal and civil charges against 260 defendants for defrauding more than 2 million victims out of $750 million, as reported here. The total annual loss to elder Americans is estimated at $3 billion. The investigation was aided by Europol and police in several individual countries, with “alleged fraudsters charged criminally and extradited from Canada, the Cayman Islands, Costa Rica, Jamaica and Poland.” An additional 600 U.S.-based “money mules” who helped transfer funds were identified, most receiving warning letters rather than charges because they didn’t realize they were facilitating scams.

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