News Summary

Michigan Attorney General Dana Nessel has announced significant changes to the state’s Uniform Securities Act, requiring investment professionals to report suspected financial exploitation of vulnerable adults. With over 100,000 older adults estimated to be victims of abuse, these reforms aim to protect seniors, close loopholes, and ensure accountability in the investment sector. Initiatives in Macomb County also highlight increased reporting and collaboration among organizations focused on elder abuse. The new laws took effect in March 2024 and are part of broader efforts to safeguard older residents.

Lansing, Michigan – The Michigan Attorney General, Dana Nessel, has announced significant progress in the fight against elder financial exploitation with the recent enactment of amendments to the state’s Uniform Securities Act. These changes officially require securities brokers, dealers, and investment advisors to report suspected financial exploitation of vulnerable adults.

The new law, which was signed by Governor Gretchen Whitmer in December 2023, took effect in March 2024. As part of this legislative response, administrative rules were formulated and enacted earlier this week to ensure compliance within the securities industry. These legal requirements place the onus on professionals in the investment sector to notify law enforcement or Adult Protective Services when they suspect that a vulnerable adult may be facing financial exploitation.

According to Attorney General Nessel, these reforms successfully close a dangerous loophole that previously allowed financial exploiters to take advantage of vulnerable residents without consequence. The Elder Abuse Task Force is committed to protecting seniors’ life savings, enabling them to age with dignity and security.

Background on Elder Financial Exploitation

The fight against elder abuse has garnered increasing focus in Michigan, particularly as more than 100,000 older adults in the state are estimated to be victims of some form of elder abuse, including neglect and financial exploitation. The Elder Abuse Task Force was launched in 2019 and comprises over 55 organizations drawn from public, private, and nonprofit sectors. Task force members include more than 100 individuals divided into seven committees, each tackling specific initiatives to combat elder abuse, including the mandatory certification and training for professional guardians.

In Macomb County, efforts to address elder abuse are being spearheaded by the Elder Justice Alliance, an initiative formed in 2023. This alliance promotes collaboration amongst various organizations to share resources and educate both seniors and caregivers about different forms of abuse. Member organizations include local law enforcement and community mental health services.

Recent Trends in Elder Abuse Reporting

The issue of elder abuse appears to be escalating in Macomb County, with reports revealing an increase in calls related to suspected elder abuse. There were 1,480 calls or referrals made in 2022, which rose to 1,700 in 2023. This trend underscores a growing concern, especially as it is reported that many cases of elder abuse go unreported due to a lack of understanding of the reporting process.

Of particular note is the aging demographic in Macomb County, where nearly 19% of the population is aged 65 or older. The county has seen a 27% increase in households with residents aged 65 and above between 2010 and 2022. In 2024 alone, about 300 individuals were charged with consumer crimes against seniors in the county, with numerous cases still pending resolution.

Support and Educational Initiatives

In addition to mandatory reporting, the Macomb County Elder Justice Alliance has been proactive in hosting subcommittee meetings that focus on individual elder abuse cases and coordinate support services. To bolster their efforts, the Alliance recently received a $750,000 grant from the Department of Justice, aimed at providing training for professionals and enhancing services for victims of elder abuse. Current initiatives also encompass a prevention subcommittee that aims to educate seniors and caregivers while addressing the issue of loneliness among older adults.

Michigan residents who suspect elder abuse are encouraged to take action by contacting the reporting hotline at 800-24-ABUSE (22873) or 855-444-3911. The state’s coordinated approach through legal reforms and community alliances is intended to strengthen protections for vulnerable adults and enhance their quality of life as they age.