Close Close
ThinkAdvisor

Portfolio > Investment VIPs

Trump Signs Elder Fraud Bill Into Law

By Melanie Waddell

X
Your article was successfully shared with the contacts you provided.

President Donald Trump signed into law Wednesday legislation that cracks down on elder abuse and fraud, specifically the use of telemarketing and email fraud designed to induce investment or financial profit. The bill also adds health care fraud to the list of fraud offenses subject to enhanced penalties.

The Elder Abuse Prevention and Prosecution Act, S. 178, establishes certain requirements for the Department of Justice with respect to investigating and prosecuting elder abuse crimes.

The bill also amends the federal criminal code to expand prohibited telemarketing fraud to include “telemarketing or email marketing” fraud. It expands the definition of telemarketing or email marketing to include measures to induce investment for financial profit, participation in a business opportunity or commitment to a loan.

“A defendant convicted of telemarketing or email marketing fraud that targets or victimizes a person over age 55 is subject to an enhanced criminal penalty and mandatory forfeiture,” the bill states.

— Check out Seniors Still at Greatest Risk for Fraud on ThinkAdvisor.

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.