Follow Adam Linkedin Twitter Facebook
Email Adam Email
Financial
Jun 16, 2017

Elder Exploitation And Prevention

Sponsored Content provided by Adam Shay - Managing Partner, Adam Shay CPA, PLLC

This Insights article was contributed by Richard Pasquantonio, CPA/CFF, CFE, CDFA (NC License Number 33577), an associate at Adam Shay CPA, PLLC.

I recently had the opportunity to listen to Jane Jones, Director of the Area Agency on Aging Cape Fear Council of Governments, Susie Sprenger and Sean Dwyer from the Adult Services Division of the New Hanover County Department of Social Services, along with Detective Ron Beasley of the New Hanover County Sheriff’s Department.
They discussed the challenges their organizations have in meeting the increased demand in elder abuse reports.

Older adults are the fastest-growing segment of North Carolina’s population, with the number of people age 65 and over expected to increase from 969,000 in 2000 to 2.145 million by 2030. According to the National Committee for the Prevention of Elder Abuse (NCPEA), 20 percent of this segment of our population has experienced elder abuse.

Elder exploitation is the illegal or improper use of a disabled adult or their resources for another’s profit or advantage.

According to the Consumer Financial Protection Bureau, older adults are often targeted because of the wealth they have accumulated or because they have regularly occurring and secure income streams, such as pensions or social security. They are particularly vulnerable because they are often isolated, lonely, physically disabled and/or experiencing cognitive decline.

According to Adult Protection Services of New Hanover County, exploitation indicators include:

  • Unexplained withdrawal of money from bank accounts
  • Use of deceit, treachery, or coercion
  • Differences between assets and lifestyle
  • Unusually large payments for services
  • Mismanagement of personal funds (failure to pay for essential services)
  • Inappropriate sexual activity
North Carolina is a mandatory reporting state. Any person, regardless of affiliation, who believes that an older adult or an adult with disabilities is being abused, neglected or exploited is required to report the situation to the local county department of social services where the adult is located.

To report an issue of elder abuse, neglect or exploitation of a disabled adult contact Adult Protective Services Intake at 910-798-3420 with the following information:
  • Name and address
  • Age or birth date
  • Caregiver/caretakers name (if there are any)
  • Explanation of the situation and why the person needs protection
  • Mental or physical condition of the person
  • Names of others who may help provide information regarding the situation
Richard Pasquantonio, CPA/CFF, CFE, CDFA (NC License Number 33577), is an associate at Adam Shay CPA, PLLC. He focuses on forensic accounting, fraud prevention and detection, and tax controversy resolution. He is also an AICPA CFF Champion. The purpose of the CFF Champion program is to inform the professional community about the vital role of forensic accounting professionals, the knowledge required to become a CFF, and the benefits of the CFF credential. For more information, visit http://www.wilmingtontaxesandaccounting.com/ or email him at [email protected]. Pasquantonio can also be reached by phone at (910) 256-3456.

Adam Shay, CPA (N.C. License Number 35961), MBA, is managing partner of Adam Shay CPA, PLLC. He focuses on minimizing taxes and improving the financial results of entrepreneurs, and is actively involved in supporting the Wilmington entrepreneurial and startup community. For more information, visit http://www.wilmingtontaxesandaccounting.com/ or email him at [email protected]. He can also be reached by phone at (910) 256-3456.


 

Other Posts from Adam Shay

Adam shay blk 52015121549
Ico insights

INSIGHTS

SPONSORS' CONTENT
Drewsmith copiersplus headshot

A Little More Communication, A Lot More Cohesion

Drew Smith - Copiers Plus
Jc300 dsc 2735

Are we ready for the Endowment?

JC Lyle - Wilmington Area Rebuilding Ministry
Atromitos micheallegady headshot

Straight Talk on Tech: Implementing IT in Health Care

Michealle Gady - Atromitos

Trending News

Holly Childs Resigns As WDI Head

Vicky Janowski - May 26, 2022

Aswani Volety Named New UNCW Chancellor

Johanna Cano and Johanna Still - May 26, 2022

Wilmington-based Realty Group Announces Changes

Cece Nunn - May 27, 2022

Firm To Convert Offices To Warehouse Space After $6M Purchase

Cece Nunn - May 27, 2022

WilmingtonBiz Talk Previewing Summer Tourism Season

Vicky Janowski - May 26, 2022

In The Current Issue

Owners Taking Fermental To New Level

Fermental is one of Wilmington’s more unique watering holes – a bit quirky, but home to many loyal patrons who appreciate its laid-back atmo...


MADE: Making A Cut In Custom Woodworking

A staple in the community for about three decades, the Wilmington custom woodworking shop also features a retail component – a unique featur...


Local Startups Aim To Innovate

Innovation helps set a startup apart from the competition, said Heather McWhorter, regional director of the UNCW Small Business & Technology...

Book On Business

The 2022 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100