{"id":4863,"date":"2026-06-21T09:33:36","date_gmt":"2026-06-21T09:33:36","guid":{"rendered":"https:\/\/orlandorelocationreport.com\/?p=4863"},"modified":"2026-06-21T09:33:36","modified_gmt":"2026-06-21T09:33:36","slug":"a-lifetime-of-savings-lost-how-elder-financial-exploitation-is-challenging-banks-and-families","status":"publish","type":"post","link":"https:\/\/orlandorelocationreport.com\/?p=4863","title":{"rendered":"A lifetime of savings lost: How elder financial exploitation is challenging banks and families"},"content":{"rendered":"<div>\n<div>\n<p><strong>By Tim Grant, Pittsburgh Post-Gazette<\/strong><\/p>\n<p>Just months before she died at age 101, Phyllis Hood was facing a prospect she never imagined possible \u2014 running out of money.<\/p>\n<p>Read more <a href=\"https:\/\/orlandorelocationreport.com\/?p=4861\">Come sail away: 14 cruise ships offer trips from Port Canaveral this summer<\/a><\/p>\n<p>The longtime Beaver County, Pennsylvania, nurse had spent decades caring for others. She lived frugally, attended Presbyterian church faithfully and saved diligently for retirement, her family said.<\/p>\n<p>Yet, by early 2026, Hood was just three or four months from not being able to pay for her room and board at Franciscan Manor, an assisted living facility in Beaver Falls. The reason, according to court records, was not poor financial planning or a market downturn.<\/p>\n<p>It was theft.<\/p>\n<p>A caregiver Hood lived with and trusted allegedly stole more than $230,000 from her bank account, draining much of the savings she worked a lifetime to accumulate, even as she became frail and vulnerable in her final years. Hood moved in with Anna Kugel, the caregiver named in the court documents, in October 2023 and had been receiving a salary of $1,400 a month to care for her.<\/p>\n<p>\u201cIn January of 2025, my sister and I, with the help of the Beaver County Office of Aging, went to where Aunt Phyllis was living and moved Phyllis and whatever belongings she had left to the facility where she now resides,\u201d Hood\u2019s niece, Lindsey Finken, 61, wrote this spring in a victim impact statement.<\/p>\n<p>On April 29, Kugel, 46, of Beaver County, was sentenced to five months of house arrest and seven years of probation after pleading guilty to charges related to the theft of Hood\u2019s money. She also was ordered to repay $100,000 in restitution to Hood through monthly payments of $250.<\/p>\n<p> <!--Ad-Slot: outstream_video--><\/p>\n<p>Hood died on May 27 at Franciscan Manor. Kugel did not immediately respond to a request for comment.<\/p>\n<p>What happened to her is not an isolated case. As Americans live longer and accumulate more wealth, financial exploitation has become one of the fastest growing threats facing older adults.<\/p>\n<p>\u201cAs the U.S. population ages and the largest wealth transfer in history unfolds, older Americans are increasingly being targeted for financial exploitation \u2014 often with devastating consequences,\u201d said the Washington, D.C.-based American Bankers Association in a statement.<\/p>\n<p>\u201cBanks are on the front lines of this challenge,\u201d the ABA said, \u201cmaking significant investments in employee training, account monitoring and safeguards designed to detect suspicious activity and protect vulnerable customers.\u201d<\/p>\n<p> <!--Ad-Slot: cube_article--><\/p>\n<h4>Looking for subtle warning signs<\/h4>\n<p>Unlike many financial crimes, elder financial exploitation frequently unfolds in plain sight.<\/p>\n<p>The perpetrators are often caregivers, relatives or other trusted friends and individuals who gradually gain access to bank accounts, credit cards or financial records. By the time suspicious transactions are discovered, much of the money may already be gone.<\/p>\n<p>Bankers look for subtle warning signs that something isn\u2019t right, but spotting potential elder financial exploitation means walking a fine line between protecting older customers and respecting their right to control their own money.<\/p>\n<p>A red flag is large cash withdrawals, according to Erik Fuhr, branch manager at Dollar Bank in Cranberry, Pennsylvania. He said tellers and branch managers will often ask casual questions to better understand the purpose of the withdrawal.<\/p>\n<p>\u201cWe might ask questions such as, \u2018Are we making a big purchase?\u2019 or \u2018Are we going away for the weekend?\u2019 to see if we can get the customer to open up a little bit,\u201d Fuhr said. \u201cWhile we\u2019re doing that, we\u2019re looking at the history on the account to see if it\u2019s typical account activity.\u201d<\/p>\n<p>In one case, Fuhr said, an elderly customer came into a branch wanting to withdraw $8,000 \u2014 most of the money in the account.<\/p>\n<p>\u201cThat was red flag number one,\u201d he said.<\/p>\n<p>The customer\u2019s body language appeared uneasy and the explanations for needing the money changed during conversations with bank employees.<\/p>\n<p>Initially, the customer said the money was for a fence, but could not provide an invoice or explain the exact amount. Later the customer gave another employee a different reason for the withdrawal.<\/p>\n<p>\u201cWe ended up refusing the withdrawal at that time because we were convinced this person was being taken advantage of,\u201d Fuhr said.<\/p>\n<p>A few days later, the customer returned to the branch \u2014 with a message of gratitude.<\/p>\n<p>\u201cThey said we saved them a lot of money in that scenario,\u201d Fuhr said.<\/p>\n<p>While Hood dealt with a different bank, her family believes the warning signs in her aunt\u2019s case should have drawn attention.<\/p>\n<p>According to Finken, the lion\u2019s share of the money disappeared through repeated cash withdrawals over a relatively short period.<\/p>\n<p>\u201cThis woman went to the bank every couple of days and was just withdrawing,\u201d Finken said. \u201cShe withdrew most of the money in a short period \u2014 like a nine-month timeframe \u2014 in big chunks of $10,000, $25,000, $5,000 and $3,000.<\/p>\n<p>\u201cThe bank just let it happen, never questioning the rapidness and the number of times,\u201d she said.<\/p>\n<p>Read more <a href=\"https:\/\/orlandorelocationreport.com\/?p=4859\">The skills people still perform better than AI, according to workplace experts<\/a><\/p>\n<h4>The Financial Exploitation Prevention Act<\/h4>\n<p>The financial services industry is backing legislation aimed at protecting elderly and vulnerable people from being exploited.<\/p>\n<p>Financial institutions say one reason elder exploitation can be difficult to stop is that suspicious transactions often involve authorized account holders or people who have been granted legal authority over an account.<\/p>\n<p>The proposed Financial Exploitation Prevention Act, now making its way through Congress, would allow registered investment companies, including mutual funds, to delay the disbursement of money from the sale of shares if financial exploitation is expected. The delay would give firms time to contact the account owner or a trusted contact person to verify that the transaction is legitimate.<\/p>\n<p>But some financial advisers say they already have the power to pause the sale of stock and investigate transactions that appear unusual or inconsistent with the client\u2019s normal behavior.<\/p>\n<p>\u201cIf somebody was truly acting out of character and they asked me to do something that I did not feel was in their best interest, or I had any type of inclination they were being exploited, I can just refuse to act on it,\u201d said Matt Yanni, owner of Yanni &amp; Associates Investment Advisors in Pine.<\/p>\n<p>\u201cBut the other part of this is you getting to know the client, and important people in their lives. If something comes up, you can always talk to them.\u201d<\/p>\n<p>In recent years, major brokerage firms including Charles Schwab and others have begun requiring older clients to designate a \u201ctrusted contact\u201d on their accounts.<\/p>\n<p>\u201cIt doesn\u2019t give the trusted contact the ability to see everything in the account,\u201d Yanni said.<\/p>\n<p>\u201cBut if the client starts acting out of the ordinary, if they come out of the blue to me and say they\u2019ve met someone online and they need a couple hundred thousands, that person would be our contact.\u201d<\/p>\n<h4>\u2018I see no justice here\u2019<\/h4>\n<p>For Finken and her sister Beverly Shay, the most painful part of their ordeal is that the person who emptied out much of their aunt\u2019s life savings wasn\u2019t a stranger.<\/p>\n<p>Kugel had known Hood since childhood, they said. Their families were close. When Hood signed a power of attorney in October 2022, giving Kugel control over her finances, Finken said she believed she was entrusting her affairs to someone who would protect her best interests.<\/p>\n<p>The losses included not only Hood\u2019s personal savings, but also an inheritance she received after the death of one of her sons.<\/p>\n<p>By the time Finken and Shay became directly involved in January 2025 \u2014 after the Beaver County Office of Aging received an anonymous tip that Hood might be the victim of exploitation \u2014 much of the money was gone.<\/p>\n<p>Hood had already seen more than her share of hardship. Widowed for 25 years, she raised three children and helped raise a grandson. Two of her sons died before she did. Her surviving daughter uses a wheelchair and lives in another care facility.<\/p>\n<p>What remained of her assets was the proceeds from the sale of Hood\u2019s Beaver County home \u2014 about $100,000 that would have to stretch as far as possible.<\/p>\n<p>\u201cWe had to be very frugal towards the end,\u201d Finken said.<\/p>\n<p>The facility where Hood spent her final months charged about $7,500 a month. Her income totaled about $1,900 a month from Social Security and a couple of small pensions. Family members said she actually needed more care than they could afford, but additional aides would have cost roughly another $4,000 a month.<\/p>\n<p>\u201cWe couldn\u2019t buy extra aides to come in and support her,\u201d Finken said. \u201cWe had to just pay her monthly fees and insurance premiums.\u201d<\/p>\n<p>The nieces say the money that was stolen was supposed to provide comfort and dignity for Hood in her final years. But what angers them the most is their feeling that Kugel\u2019s punishment doesn\u2019t compare with the damage that was done.<\/p>\n<p>\u201cWe were encouraged to make her house arrest shorter so that she would be able to work and make payments sooner,\u201d Finken said.<\/p>\n<p>In her victim statement, Finken told the court that the sentence falls short of justice.<\/p>\n<p>\u201cAnna Shee Kugel personified a clear, calculated and manipulative predator and needs to sit in jail for a long time or be obligated to get a job in which she can pay back much more than $250 a month,\u201d she wrote.<\/p>\n<p>\u201cOtherwise, I see no justice here.\u201d<\/p>\n<p><em>\u00a92026 PG Publishing Co. Visit at post-gazette.com. Distributed by Tribune Content Agency, LLC.<\/em><\/p>\n<p>Read more <a href=\"https:\/\/orlandorelocationreport.com\/?p=4857\">Today in History: June 21, first privately funded space vehicle takes flight<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Financial exploitation has become one of the fastest growing threats facing older adults.<\/p>\n","protected":false},"author":1,"featured_media":4862,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":["post-4863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A lifetime of savings lost: How elder financial exploitation is challenging banks and families - Orlando Relocation Report<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/orlandorelocationreport.com\/?p=4863\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A lifetime of savings lost: How elder financial exploitation is challenging banks and families - 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