State Securities Regulators & Adult Protective Services Workers Announce Partnership to Prevent Elder Abuse
Washington, D.C. (June 15, 2009)––The North American Securities Administrators Association (NASAA) and the National Adult Protective Services Association (NAPSA) today announced they will join forces to protect seniors from the growing threat of elder financial abuse, which includes financial exploitation and securities fraud.
Financial abuse is considered to be the most common form of abuse to elders, costing its victims an estimated $2.6 billion a year, according to a recent study. And for every one case of abuse reported to authorities, an estimated four or more cases go unreported. The NASAA and NAPSA partnership aims to eliminate elder financial abuse by providing tools to identify and report financial exploitation.
“Elder financial abuse is becoming the crime of the 21st century as the growing senior population is increasingly targeted,” said Fred Joseph, NASAA President and Colorado Securities Commissioner. “Victims can see their life savings disappear with little opportunity to recover financial stability. Anyone can – and should – report abuse of an elderly person, whether it is physical or emotional abuse, neglect or financial exploitation. State securities regulators and adult protective services workers are natural partners because we operate at a local level in service to our elderly citizens, and are often the first responders to abuse or financial fraud.”
“A silent crime is taking its toll on America – silent because so many of these cases go unreported,” said Kathleen Quinn, Executive Director of NAPSA. “Studies show that family members and caregivers are the culprits in more than half of these cases, so unless an outside service provider reports the abuse it may go unpunished. NASAA members have a history of protecting senior investors and our hope is that together we will strengthen the ranks of advocates for the elderly,” said Quinn, “This announcement is the first step in a partnership we hope will grow to close the gap on elder abuse. We look forward to working together to fight this growing crime.”
NASAA and NAPSA will work together to inform and connect their members to share information and resources on how they can help prevent elder abuse in their jurisdictions. Workshops are planned for the upcoming NAPSA conference in October.
The two organizations announced their partnership today in recognition of World Elder Abuse Awareness Day, which is dedicated to raising international awareness of elder abuse and financial exploitation and reinforcing a commitment to report abuse and protect the elderly.
Securities fraud can be reported by contacting your state securities regulator. Contact information is available at www.nasaa.org. To report elder abuse, contact your Adult Protective Services office at www.apsnetwork.org or through the National Center on Elder Abuse (NCEA) at www.ncea.aoa.gov.
The National Adult Protective Services Association is a national non-profit 501 (c) (3) organization with members in all fifty states, including the District of Columbia, the U.S. Virgin Islands, and Guam. It was formed in 1989 to provide state Adult Protective Services (APS) program administrators and staff, who are the first responders to abused elders and younger adults with disabilities, with a forum for sharing information, solving problems and improving the quality of services for these vulnerable victims.
The North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. NASAA is a voluntary association whose membership consists of 67 state, provincial, and territorial securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico.
For more information:
Bob Webster, NASAA Director of Communications, 202-737-0900
Kathleen Quinn, NAPSA Executive Director, 202-558-4850