Costing us. There are 14,000 new reports each year of senior abuse which includes financial exploitation. In as many as 90 of financial cases, the senior is victimized by someone he or she knows well w. Unfortunately the real case is even worse. Many of the cases are never reported because they are not going to report financial exploitation, particularly when it involves a Family Member. As a consequence the true incidence of this abuse is not known. Identifying victims is particularly difficult because we maners take a look. In addition since victims who have had their assets stolen by Family Members to be criminally prosecuted, the stolen money is rarely recovered. This loss can undermine the health and Financial Security of older people. Combating Financial Abuse of seniors is primarily the responsibility of state and local agencies, particularly Adult Protective Services agencies. Prevention and response to cases of abuse require coordinated efforts, including state and local agencies, Law Enforcement the social work and medical communities and Financial Institutions. The federal government also plays an Important Role in providing plead provide providing leadership. The counsel led by the department of Human Services has brought together 12 agencies to coordinate efforts to protect older individuals from abuse including financial exploitation. I also want to acknowledge the creddic Critical Role played by state regulatory agencies. Im particularly pleased to welcome to our hearing, judith shaw who serves as the Securities Securities administrator of maine. Maine is on the cutting edge of combating the fanlinancial abuse of seniors with a program which is the first of its kind in the nation. I wont preempt ms. Shaws testimony by describing it but i think it provides a model for many states. Financial exploitation knows no Socio Economic boundaries. Victims range from seniors who have very modest financial means to those whoa have amassed great health. For example, if it were not bad enough, the daughter and her boyfriend went onto deplete her mothers life savings over the course of two years, leaving her penniless as well as homeless. While individuals of limited means are particularly vulnerable, even the wealthiest the most fortunate americans are not immune from mr. Martial and socialite brooke aster who summered in maine for decades and who whats so generalious to our state. He will testify how his mother while she suffered from alzheimers. Many times it is vital for a senior to have the assistance of a family or friend to help manage his or her finances particularly if that senior becomes becomes a troubling and complicated issue. I look forward to hearing from all of our witnesses today. We have a Great Potential about the efforts that are under way to address the abuse of vul ner vulnerable seniors. I do want to apologize that were going to have a vote here and we will try to make the interruption as brief as possible. Senator. Thank you chairwoman collins. A year ago if i had been approached in the hallway by one of the pesky people with a micro microphone and i were asked if the democrats were to lose control of the senate and you were to take over as a Ranking Member of the very First Committee you cover serve on as a Ranking Member who would you pick for your chairman . I would have said without hesitation my friend my mentor and my role model, susan collins. She has been an example to me from the date i arrives ofd and watched her in the Homeland Security meeting when she was the Ranking Member and was always willing to cooperate when it was essential. I am very proud to serve under chairman collins. The Senior Financial Exploitation is not new to us. As a prosecutor in kansas state r city, i saw first hand both horrific and heart breaking instances of elder abuse. Physical, roughly one in five seniors will be a target of some. This hearing will focus on cases with an additional conflicting factor when the perpetrator is a Family Members, a trusted care taker or close friend or advisor. The numbers here dont really tell the story. Thankfully we have self wit ps. Perpetrators are constantly developing new ways to gain access and focused on a generation thats been list willing to selfpurport. When a Family Member is around these become one of the nicest around. Victims may expect whats happening but may feel powerless or ashamed to report. Often a victim will start by filing criminal charges against a child or Family Member. Today i want to reiterate that we cannot shy away interest. It is really a recent phenomenon because for too long they were dismissed as Family Members. Today we will hear from a seattle prosecutor who specializes in elder abuse criminal cases. She will talk about only an hand. You need competent and trained professionals amount. With detectives florencic accountants and of course trained investigators and prosecutors prosecutors prosecutors. This hear she came to missouri to help develop interest. We maust dress the need for a prosecute can nltdot this. We must address this cooperation. There are those who say this is a state issue. Yes, it is but it is bigger than just a state issue. The federal government can do better to assist local local and not necessarily supportive of one another or the overall goal. Since that time these agencies have begun to Work Together. The Consumer FinancialProtection Bureau that is providing real guidance for them. Theres still so much more we on doing and no. We dont know how many cases and i hope our witness twrz today can help and stay in our role in the federal government. I look forward to speaking with our witnesses about how we can start eliminating zrimdiscrimination discrimination. Too often they are dismissed because they are especially with mental capacity of a victim. My time is here. Thank you senator. Thank you so much tore your very generous comments. I want to welcome to the committee, a new member of the senate, senator sass, were very happy to have you join us on the committee and welcome back to the committee this year, senator warren of massachusetts. We are going to turn to our panel next in the interest of first we will be hearing from philip martial but hell be speaking today as a Family Member of someone who i mentioned in my Opening Statement and we very much appreciate your willing tons and then we will hear from judith shaw and the president elect of the north American Securities association, an internally association devoted to investor protection. We will then hear from kathleen quinn, the executive director of the Adult Services association. Finally last but certainly not east. We will hear from the single deputy deputy. Mr. Martial, thank you for being here. Chairman collins Ranking Member and distinguished committee members. Thank you for inviting me to testify today. I am i am so grateful for your leadership and action on issues of elder justice, my name is philip martial i am a resident of massachusetts. Im also the grandson, my father. As president of the foundation my grandmother advanced its mission by giving millions of dollars to social and cultural causes. In 1998 president bill clinton and well into her 90s. By 200 when she was 100, she disappeared from the lime light. She didnt return till july 2006 when my guardianship petition which i filed to protect my grand grandmother against my grandfather was discovered by the press. Front page headlines displayed disaster for mrs. Hafter. My grandfather nor did she. Well in the throws of dementia chose, manipulated and robbed yet the circumstances have formed a timely cause in elder justice. This may be and enriching himself with millions of dollars. After three months battle and five days before our court date a settlement was reached with permanent guardianship awarded. Wed achieved our goal. My grandmother sent her final days in her Country House with care in comfort. A a criminal investigation was zbnl investigated. In 2009, my father was foun guilty of 15 counts against him. All but one were held up on appeal. This was a very bitter sweet harvest but this harvest has no nourished the cause of elder justice. Later in probate, charities were awarded tens of millions of dollars that my father had tried to direct to himself. Because my grandmother now rests in peace, i could resume my life was before but i realize, to be complacent by elder justice is to be complicit in elder aabuse. In this2010 i have been coast to coast, border to border with elder practitioners. I thank them for doing so much. Many elders lack vigilant oversight and remain helpless and hopeless. All of those providing. These services need federal funding and support to respond adequately to an increasing number of elder abuse. While my grandmothers abuse and clek iveive collective. Here much greater Financial Support and multidisciplinary teams would be so helpful. While mythis and will respond to and prosecute these cases. While my grandmothers stolen assets were reclaimed, many elled elders never reclaim their money or their lives. Here, Financial Transactions enhanced detection mandatory reporting or greater reporting of suspicious activities will so help. Financial monitors must be matched by physical monitors to insure elders well being. Finally, i urge congress to reauthorize the elder justice act and the Older Americans is a trend, its not our destiny. Thank you. Thank you very much mr. Marshall for your very compelling testimony and your advocacy. Ms. Disaster was beloved in my state as well and did so much good throughout her life. Thanks. Ms. Shaw. Thank you senator, Ranking Member and also president elect of the north american securitys Administrators Association although i am not testifying before the committee in that capacity today. I am honored to be here to discuss one of the most Serious Problems facing our elderly financial exploitation. And to present one approach in maine. Addressing this is difficult but critical. Many in our Elderly Population are there with other support networks. The days of americans surrounded by generations of Family Members are fading into the past. What do we know about this population, we know that older adults are often targets of exploitation in part because they own assets and pension schemes that are attractive to exam artists. When a fraud occurs even seniors with a limit d limited. We must all come together to weave a new safety net that can kept us from achieving solutions. We must identify those who are in the best position to determine red flags early on and encourage reporting to other governmental agencies. In maine we discovered one of the most valuable rediscourse among others to develop senior life. Senior life was created to increase identification and report reporting it. Prior to this, we met with representatives from the banks and Credit Unions to identify barriers to reporting abuse and financial exploitation. What we learned is the system lacked a feed back laup so often. Training is involved of three components. Frontline staff are trained to identify red flags for elder abuse and financial exploitation and manage. Participations are and aps is better but the main office of securities has agree and determine whether to investigate the case or refer it to another federal or state agency. The benefits of this reporting or referral system are far reaching. It leads to improved safety and other customers of the financial institution. Proactive measures help promote good willing in the community and has it been active . The answer is yes joomtand training one month later for credit fern el and driven to the bank by a supposed handyman to withdraw over 10,000 in cash for repairing the man for her roof. The customer had no idea who the individual was and had not contracted with him. Aps was informed and is now caring for the victim who lost over 14 tlrp and we must Work Together to create a new safety need to use this. Thank you for your opportunity to let me testify today. Id be happy to answer any questions. Thank you ms. Shaw. Ms. Quinn. Madam chairman, Ranking Member and other committee members, thank you for allowing me to speak be this. represent asp tlrk r and is created the Financial Advisory board on exploitation. Elder abuse is a huge expensive doedly problem. The people are treated, twice the number the combine, twice. Victims victims and it is expensive costing tax payers, institutions billions of dollars anyway. It often cooccurred with physical and emotional abuse. Con con con. We have any serious attention really begun to be paid and resulted in significant reductions in the incidence rates of both problems. Ms. Quinn. Pardon me for interrupting. There are foreminutes left in the vote and as my colleagues know, ive never missed one in more than 18 years so i am going to excuse myself to vote. Senator, have you voted . And why dont we tack a take a break but we will resume when i return. Thank you. Thank you for your comments. Would you like to continue . I was but i think i only recently thanks to the elder justice coalition, the elder justice act, leadership at the acl and coordinating counsel and in no small part to this committee has any serious attention be paid to the issue. We hope it will grow as both child reduce hasb it. And it is aps who directly helps victims. The elder justice act passed in 2010 had its first appropriation for 4 million to support the desperate need for infrastructure but no funding for direct victim servicesment 2 3rds used it to block aps and eliminating it would shut down it in some states. Many of the services, home delivered needs would help to keep victims at home. It is it is not only there but do require the clients financial records which aps must have to substantiate the abuse is occurring. They are permitted to share such records to prevent fraud. A advised record. I believe Financial InstitutionsFinancial Financial and i hope this committee and congress will look at thoses sfwrjt. With this and this not only protect their assets over the long term but will reduce demands on medicaid and other publically funded programs. Across this great nation, we thank you for holding this hearing and for the work on behalf of older adults. We hope this will be a sustains and protect our parents and grand parents, i know senator collins has br induced you but are dealing with nekt,glect, sexual assault, homicide. A recent case was in washington, kenneth sharp was a rotary an businessman and running for city council. His mother helen was in her 80s and had dimensioned. Ken her son was there. In 2008 he began to steel from her. Thins by taking the proceeds too. Over the next four years kenneth stole money from his mother to fund his lavish lifestyle. In 2011 helens daughters figured it out and called the police who investigated. We then filed seven counts of fallony theft. Call must of them were robbed of their entire inheritance. With no money left helen was forced to go on medicaid. She died a few months ago. Heartbroken. Thats how it is with financial skploetation. We all pay the price. Those are forced to rely on headichead medicaid, medic care and other programs. We still dont know the cost of financial exploitation but its safe to say that the there. In the sharp case we did have some ina something. Im talking about care givers, accountants, attorneys and those in the Civil Service indut ri. Ingnat we also intoed this. The sharp case that i told you about concluded two weeks ago. Sharp pled guilty as charged and was sentenced to a high end sintence of 43 months in prison. He will be ordered to pay restitution to the money he. Whale we were abl to contain some on that. The emotional damage that was dong fong and we need to if out how to respond to this terrible problem. Thank you very much skroo thank you very much for your testimony. I am happy that i was able to hear all of two of the witnesses. Part of the other two witnesses and of course, i have read your written testimonies. B i want to thank the others who have joined us. Senator scott and senator casey since i last acknowledged everyone. I want to start with you because in in what we call and who alerted you to the fact that your own mother might be a vikt inl of abuse. Could you tell us a blil that and also are other regulations that might make them hez indicate even if they have evidence of exploitation exploitation. I grew up in a small town in northern maine. Like many mourn. Want to thankdo this. My mother became a legal secretary when she graduated high school for a Small Law Firm in our small town and remained there for 60 years. My father died at the age of 57. He was sort of the socialite in our family. My mothers big social circles. She had lookinged at the Bank Accounts and realized there was a strange withdrawal coming out of the bank account. My sister is on there with my mother and so she called kathy and said we should look into this. My mom was afraid it all. Fortunately, learning my mother was early stage dementia. We might