A recent victim of financial elder abuse claims that Bank of America did not question transactions when she withdrew money. The senior citizen victim was allegedly scammed out of approximately $35,000. Police are searching for a black woman in her 40’s who disappeared with the money. California financial elder abuse attorneys warn seniors to be wary when people they do not know well as them to withdraw money from their accounts.
According to authorities in this case, the suspect told the senior citizen victim that the president of Bank of America had contacted her and told her that he need the victim to pull money out of the bank. The suspect promised the victim $572,000 in return for doing so. The victim then withdrew $12,000 from a Bank of America in Redlands, California, and another $23,000 from another Bank of America branch in San Bernadino, California. California financial elder abuse attorneys warn seniors that bank officials will not ask them to withdraw money from their accounts.
Bank of America officials say that there are security efforts in place to protect senior citizen customers from financial elder abuse. Bank of America has stated that bankers and tellers receive extensive training to identify banking transactions that are out of the ordinary. Bank of America officials also stated that they follow applicable state laws which may include contacting Adult Protective Services or local law enforcement. California financial elder abuse attorneys remind the public to be vigilant regarding financial elder abuse.
In this case, the suspect befriended the stranger in a grocery store parking lot. After the money was removed from the accounts, the suspect told the victim that the bank president wanted them to put the money in the victim’s trunk and return to the other Bank of America branch to fill out paperwork. The suspect then went to use the bathroom and disappeared with the money.
Evans Law Firm, Inc. handles elder abuse, financial elder abuse, physical elder abuse, annuity fraud, consumer fraud class actions, insurance and banking fraud cases. If you think that you have witnessed or are the victim of elder abuse, or financial fraud then contact Evans Law Firm, Inc. at 415-441-8669 for a free and confidential consultation, or email us at
Reading the recent business headlines, confidence surveys and economic strategy reports regarding the market volatility in Greece and the US, it is apparent that we are all concerned about things continuing to head downhill. This market volatility, including the insolvency issues in Greece and high unemployment rates in the US, will continue as governments reluctantly accept this outcome and in the aftermath global economic growth (and consequently investment returns) will remain below average for years to come. However, there are still some positive areas to be encouraged by, amongst the long list of worrisome points.
1. Share valuations are reasonable. The price-to-earnings ratios in New Zealand, Australia and the US indicate good value for investors. The NZ market is currently trading at an average PE ratio of 13.5 (slightly less than its long-term average of 13.7) and the AU market is at 11.7 (some way below its long-term average of 14.3). The US market PE is currently 12.2, not quite as cheap as the lows reached in the financial crisis, but also much lower than the highs of over 16 that were reached in 2007.
2. Dividend Yields Above Long-Term Average Dividend yields are (in a lot of cases) higher than those available in term deposits and fixed interest may provide some share price support as income-seeking investors have limited choice. NZ Shares & Property Trusts generating an annual dividend yield of 7% AU Shares yielding around 5% are achievable US Share yield on 10yr treasury bonds being outpaced by share markets average dividend yield (rare occurrence).
3. Interest Rates Likely To Remain Low For some time Official Cash Rate expectations have taken a turn from the expectation that they would be raised by 0.5%, with local interest rates on hold for now and any move in the AU rates likely to be down rather than up. The vast majority of us are sitting on floating mortgage rates keeping costs low for borrowers, assisting consumer and business sentiment and also helping yield the gap between shares and other forms of investment.
4. Oil Prices Have Fallen From Their High Oil is a key component for most sectors of industry, and oil prices have a large impact on consumer confidence. The West Texas oil is 25% lower than its May high and Brent crude is 12% off its highs.
5. Corporate balance sheets are much stronger than they were in 2008. The corporate world is on a much more secure footing than it has been in the past. Average debt levels in Australia are now at 27% (compared with the long term average of 50%). Corporate debt levels in New Zealand and the US have fallen by a similar amount.