Retirement fraud refers to specific types of fraud that are aimed at retirees or persons who are nearing retirement. In many cases, it involves some sort of pension fraud, aimed at obtaining the person’s pension earnings in some way.
However, retirement fraud is also a general term for fraud that is aimed person of a certain age. It is sometimes used interchangeably with the term “elder fraud”. For instance, some retirement fraud scheme can involve the victim’s retirement home, or it can involve aspects of nursing home fraud as well.
What are Some Examples of Retirement Fraud?
Some common examples of retirement fraud include:
- Various schemes and scams to obtain access to the victim’s pension funds
- Fraud aimed at a retired person’s home, car, or other property
- Fraud involving the victim’s spouse (a person can sometimes be entitled to retirement benefits coming from their spouse, and may then also become a victim of fraud)
- Misrepresentation or fraud in connection with medical, dental, or life insurance benefits
- Various other types of fraud
Retirement fraud can occur through many mediums, such as e-mail, over the phone, through mail, or even through in-person solicitations. Fraud can be prevented largely by not disclosing personal information randomly, and by confirming the background of salespersons, insurance representatives, and other similar agents.
Are There any Legal Issues Connected with Retirement Fraud?
Retirement fraud can involve a wide range of legal issues. By nature, fraud involves some form of deceit or misrepresentation. Along these lines, contract fraud is a common avenue for retirement fraud to occur. A person can sometime unknowingly sign away access to their funds through a deceptive contract with a fraudster.
Identity theft is also a major way that retirement fraud occurs (for instance, through the theft of a retiree’s ID, social security number, or other important documents).
Legal consequences for retirement fraud and elder fraud are serious and can involve criminal penalties for the perpetrator. These can include criminal fines and possible jail time. In addition, a civil lawsuits can also follow, allowing the victim to recover additional losses associated with the fraud.
Persons who have information or any experiences involving retirement fraud should contact the proper authorities, and may also consider hiring legal representation for further investigation into the matters.
Do I Need a Lawyer for Assistance with Retirement Fraud Legal Issues?
Retirement fraud is a serious concern that affects large sectors of the population. You may need to hire a personal injury lawyer in your area if you need assistance with any type of retirement fraud issue. Your attorney can provide you with legal advice and information to assist you with your claim. If you need to appear in court, your attorney can provide you with legal representation during important meetings and hearings.