1. Irving L. Faught, Administrator Oklahoma Department of Securities ELDER INVESTMENT FRAUD AND FINANCIAL EXPLOITATION

2. The Departments presentation was interactive and used Poll Everywhere to encourage audience participation. This technology allows the audience to answer questions and shows the results live. It also allows the audience to submit questions for response. INTERACTIVE PRESENTATION 3. GETTING TO KNOW YOU Who do you work for? Hospital - 49% of the audience members Insurance Company - 20% of the audience members Department of Human Service - 8% of the audience members Department of Veterans Affairs Other - 22% of the audience members 4. GETTING TO KNOW YOU What is your primary field of expertise? Nurse or Nurse Practitioner 85% of the audience members Social Worker - 10% of the audience members Psychologist Financial Counseling 2.5% of the audience members Other 2.5% of the audience members 5. GETTING TO KNOW YOU Have you come across financial exploitation in your practice? Yes 65% of the audience members No 25% of the audience members Maybe 10% of the audience members 6. GETTING TO KNOW YOU Have you ever reported financial exploitation? Yes 55% of the audience members No 45% of the audience members 7. GETTING TO KNOW YOU Where would you report financial exploitation? To your supervisor 25% of the audience members Adult Protective Services 75% of the audience members Department of Human Services Police None of the above 8. GETTING TO KNOW YOU Is financial exploitation of vulnerable adults a crime? Yes 95% of the audience members No Maybe 5% of the audience members 9. GETTING TO KNOW YOU Does a patients financial health impact the patients overall health? Yes 100% of the audience members No Maybe 10. GETTING TO KNOW YOU Is elder financial fraud elder abuse? Yes 100% of the audience members No Maybe 11. GETTING TO KNOW YOU Are you required to report elder financial fraud? Yes 90% of the audience members No 2% of the audience members Maybe 8% of the audience members 12. PURPOSE OF THIS PRESENTATION Awareness of Elder Fraud Your Take Away Relevance Reporting Resources Remedies 13. RELEVANCE Who do you think is effected by financial fraud? Persons with wealth Stock Market Investors Retirees 5% of the audience members Greedy individuals All of the above 95% of the audience members 14. 1 out of 5 persons over 65 have already been victimized by elder financial fraud (7.3 million). Elder population is growing and financial losses impact many aspects of the elder persons life including the ability to purchase: Health Care Medicine Food Housing and Medical services 1 out of 5 health care professionals are aware they are often dealing with elderly victims of financial fraud. RELEVANCE ELDER INVESTMENT FRAUD 15. ELDER FRAUD PUBLIC SERVICE ANNOUNCEMENT Click to watch this 30 second PSA 16. CASE STUDY Mr. Ladd is an 83 year old man who lacks financial capacity due to Mild Cognitive Impairment (MCI). Mr. Ladd has involved his son Charlie in some financial decisions. While Mr. Ladd is a conservative investor, Charlie likes to take risks. He invests a large portion of his fathers retirement funds in a risky stock. Soon afterwards, the stock falls dramatically. Out of embarrassment, Charlie doesnt tell his father what he has done. Is this fraud? 17. INVESTMENT FRAUD IN OKLAHOMA Click to watch the 3 minute trailer of: Anatomy of Fraud - Catching a Con in Pottawatomie County 18. CASE STUDY Mrs. Angelotti is an 86-year-old recent widow. Her daughter, Mae, hires a care caregiver, Jennifer, to help around the house. Mae notices that Jennifer is acquiring lots of new things. Then Mae discovers she cannot access her mothers accounts anymore. She visits her mother; Jennifer is no where to be found. Jennifer had unduly influenced Mrs. Angelotti into signing a durable power of attorney. She then depleted Mrs. Angelottis retirement funds. Once Mae realized what was happening, Jennifer took what was left of Mrs. Angelottis savings and fled. Is this fraud? 19. ELDER FRAUD PUBLIC SERVICE ANNOUNCEMENT Click to watch this 30 second PSA 20. ELDER PATIENTS ARE MORE VULNERABLE TO FINANCIAL FRAUD A large number of Oklahoma Department of Securities cases involve elder fraud. Example: AARP mailings were used by a company to set up trusts for elders. Once the company obtained financial information from the elderly victims they would sell the elderly victim an investment that allegedly guaranteed a 10-20% risk free return. Elderly Investors invested all of their retirement savings and lost everything. The results of the scam on elderly investors include: Not being able to afford medical care Having to move in with their adult children Having to return to work, and Having a stroke due to the stress of the financial loss. 21. Con-Man Care-giver Family Friend New Acquaintance Cold Caller Financial Expert Counselor Family Member Community or Church Member Broker/Dealer agents Registered Investment Adviser Insurance Agents Securities Issuers WHO COMMITS FINANCIAL FRAUD Registered / Licensed Individuals Unregistered Individuals 22. OKLAHOMA REGISTERED AGENT PONZI SCHEME Click to watch the 3 minute trailer of: "Anatomy of a Fraud: The Rogue Broker" 23. RELEVANCE Do you think that financial abuse of the elderly is relevant to your profession? Yes No 24. SENIORS NEED HELP IN REPORTING FINANCIAL FRAUD Seniors are often unable to protect themselves Caregivers/family members can be the perpetrators of the fraud The victim most likely will not want to get this individual into trouble The victim may be in a nursing home You may be the only person that can help the victim 25. REPORTING Would you feel comfortable asking your patients about their money matters? Yes 75% of the audience members No 25% of the audience members 26. REPORTING Would your patients feel comfortable discussing their money matters with you? Yes 45% of the audience members No 55% of the audience members 27. Oklahoma Securities Commission We are the state agency responsible for regulating the offer and sell of investments in the state of Oklahoma. www.securities.ok.gov Website has information on matters we have discussed today 28. REPORTING FINANCIAL FRAUD Elderly Client Medical Professional Contact ODS at (405) 280-7775 Go to our website, www.securities.ok.gov, and fill out a complaint form Engage private counsel Contact ODS at (405) 280-7775 and report suspected fraud Confidential Leave message with concerns and name of potential victim Request a complaint form 29. REPORTING Would you feel comfortable reporting suspected elder financial abuse using a secure, confidential hotline number? Yes No 30. REPORTING Why would you not feel comfortable reporting suspected elder financial abuse using a secure confidential hotline number? Concerns about legal liability May cause more harm to the patient Do not want to get involved My supervisor will not allow me to report 31. RESOURCES Invest Ed is your source of investor protection in Oklahoma. 32. All materials are free at www.investedok.org Invest Ed 33. Senior Resources 34. Pocket Guide 35. REMEDIES TYPES OF ODS ACTIONS Administrative Civil Criminal Referrals 36. QUESTIONS Has this presentation raised your awareness about elder financial abuse and the need to report? Yes No If your answer is no, what suggested changes would you recommend? 37. QUESTIONS If you feel your elderly patient is being financially abused would you report it to ODS? Yes No If your answer is no, please explain.