Many of Minnesota's elderly residents have been targeted by unscrupulous individuals who cheat them out of their money through identity theft and other scams. In some cases, it's not just a common thief but an investment banker or other supposed professional who drains away the person's estate through imprudent investments, self-dealing and breach of fiduciary duty.
Twin Cities readers may be interested to learn that two state lawmakers have recently proposed legislation that would impose more rigorous background check requirements for individuals seeking court appointments to serve as guardians or conservators. Minnesota's Attorney General supports the measure aimed at reducing the risk of financial exploitation of vulnerable adults.
Twin Cities readers may be interested to learn about an unusual case that raises ethical questions about profiting from another person's misfortune and has many wondering whether a practice touted as offering a benefit to terminally ill patients may in fact be a case of financial exploitation of vulnerable adults. Federal prosecutors have charged an estate planning attorney with counts including conspiracy and mail and wire fraud stemming from his use of financial instruments that would generate profit upon the death of the owner.