Need a bit of advice

[Egnever]

So I have a lot of clients that are elderly.

Today one called me to come over for a problem with his system...

When I get there turns out he thinks his phone is broken because he keeps getting disconnected when trying to get through to his financial institution.

Anyway after trying to figure out what is going on it seems he is getting confused by the automated answering system and putting in the wrong account credentials and that is causing him to be disconnected.

So in the course of trying to explain this to him he insists that it is a conspiracy to keep him from getting his money...

So he pulls out his statement from his financial institution and shows it to me. He then proceeded to tell me he is trying to withdraw all of that money...it is a substantial amount.

Now I am a computer guy not a financial guy but I don't think withdrawing that money is a good idea. That said it is not my money it is his to do with what he pleases but I ask him if you withdraw that where are you going to put it.

You can't put that kind of cash under your bed..

His answer to me was basically he is not long for this Earth so he is trying to put it all in one place before he dies...

Fair enough.

So my issue.

I am his computer repair guy...

He is asking me to help move all this money. Something I am entirely uncomfortable with. Today I got his financial institution on the phone and could have easily had his funds transferred to my account. He is not mentally sound and I could have easily extracted the info I would have need to have that money transferred.

Now this obviously is not my problem but I am very affraid this man is going to be robbed blind by someone.

He has no family to help him his son died as well as his wife.

I have no idea what to do about this yet at the same time I do not want to see him taken advantage of.

Any suggestions on how to find some trustworthy help for him ?

[Moostache]

1. Tell him to contact a financial advice professional.

The ability to assist is not what I would recommend for someone who is very likely already being preyed on by internet thieves. Tell him to do it immediately to avoid being scammed.

Good luck.

[Egnever]

15. Thanks

I am looking around to try to find someone with a good reputation.

[Samantha]

2. Can you afford to retain an attorney to get some advice

and if it is all sound, he could monitor the transactions as they occur and you would not be alone to face any difficulties or questions later. He is going to need to draw up a will anyway.

Sam

[Egnever]

16. Hmm not sure I am willing to go that far

Sounds like good advise but as much as I don't want h to be robbed I am not sure I want to pay for that to happen.

Maybe I can talk him into hiring someone. Which leaves me searching for a reputable attorney. Will think on it.

Thank you for the suggestion.

[Phoenix61]

3. There are a couple of things you can do

Contact adult protective services. They are like child protective services but look out for the elderly. Contact the bank and speak to someone in charge and let them know what happened. I called adult protective services in Alabama and it worked out very well.

[Tanuki]

6. Contacting Adult Protective Services is exactly what I would recommend in this situation.

[Egnever]

17. Thanks

I am going to look​ into that this evening. Can't hurt to call them.

[Rollo]

31. ?That was going to be my suggestion as well...

It may well be that someone is already trying to exploit this elderly person and get him to move all his money into a place where they could just steal it.

When you look at how the elderly get preyed upon, it gives one a rather dim look at what humans are capable of.

[Egnever]

34. That is sort of my thinking

He didn't seem to have any real plan that he could articulate to me on what he was going to do with the cash once he got his hands on it.

It's a ton of money and the idea of him cashing it out with no plan just started all kinds of alarm bells in my head.

[sarah FAILIN]

42. In my state the probate judge appoints someone for this situation

They usually are someone that works in that office and with a social worker to make sure that the needs of the elderly are being met and the money is not squandered. Usually it is a case where a relative was taking their money that brings this about, but it is also done in cases like you describe.

Call your local PJ or DHR Adult Services division and give them the info.

These older people are easy pickings for con artists.

[byronius]

4. Elder abuse hotline could probably help.

Almost every state has one. They'd at least be able to point you to the right agency. Extremely helpful service for seniors.

My experience with the hotline in CA was excellent. Great people. Ended well.

[Egnever]

18. Thank you

I will look into that.

Appreciate the suggestion.

[lpbk2713]

5. See if the local police agency has an Elderly Crimes Unit.

Explain the situation to them. Tell them you think he
may be in danger. Maybe they can take it from there.

[Egnever]

19. Interesting idea

I am hesitant to get the police involved but it might lead me to other resources.

[Stallion]

7. Some States like California Have Elder Abuse Laws that Cover Financial Institutions

there may be an Ombudsmen in some states that handle complaints or notifications of possible concerns. I read the California law once but forgot who has a duty to report possible violations.

[furtheradu]

8. #1) You are awwwsome

#2) You may be the most honest person in his life.

Maybe consider both of You meeting with an attorney, draw up a contract, allowing You to help him withdraw his $, to go directly into his own bank account.
I am obviously no genius, financially or otherwise. reading my "advice", it sounds like a dumb idea.

It is a sad situation, thank YOU, though, for caring, & being a person of integrity. 💖

[Egnever]

20. That's kind of you to say

I am most concerned that he exposed all of this info to me. I am just a computer repair guy that was referred to him by my other clients.

I am very concerned that if he is willing to expose himself that much to me that he will do so to someone else that will take advantage of it.

We are talking win the lottery kinds of numbers here and people get very weird about that much money.

[iamateacher]

9. Adult social services

They deal with this all the time. Look up your county's Council on Aging.

[Egnever]

21. Thank you

I will look into it.

[MedusaX]

10. Actually,it sounds as if you might be the trustworthy person that you are looking for...

IMO.....

He obviously trusts you...which is a good reason to help him...

If you feel that he would have divulged the account info to anyone ... then all the more reason to help him out...

You may not agree with what he wants to do..
But if you learn more about his 'reasoning'...
you will both come to value each other's perspective and
you might be able to offer him some alternative options..and he might change his mind.
Or you may find out that he just did not clearly convey his plan to you initially.

It seems reasonable that managing multiple accounts is too much for him.. and a single account might be in order.

I am surprised that he can independently manage his monthly financial obligations ... yet was not able to navigate an automated system.

You may not be super comfortable helping him out..
but how would you feel 6 months down the road to find out that someone had taken advantage of his situation?
Probably far worse than the collective discomfort you would have experienced had you chosen to help him.
People help people... sometimes because they are obligated/expected to and
sometimes just because the opportunity presents itself.

If you help him for a bit & find that his needs are greater than you can assist with... then you can always help him find the most appropriate source of support available.

[Egnever]

23. I think you have nailed my concerns exactly

I am not at all comfortable with the request. I have only done work for him twice. The fact that he exposed what he did to me a virtual stranger makes me very concerned for him going forward and we are talking change your life kind of numbers.

I am honestly not sure why I am so concerned about it we don't really have a long history or anything I just feel like if I were in his place I would hope whoever helped me would not take advantage.

I have read many horror stories and know several seniors that have been scammed badly and what he showed me today concerned me for his safety. Mostly because we don't have a long history.

[Stallion]

11. Free Advice

if you get involved it needs to be done legally in written. For example, if a financial broker or institution becomes suspicious of large amounts of money being withdrawn and/or checks written to a third party/non-family member that actually is one of the statutory warning signs that a financial institution is required to report under some state elder abuse laws.

[Egnever]

24. Thank you

This is probably very good advise.

I honestly very torn on the one hand I do not want to see this man taken . On the other I am concerned that if I get involved it could bite me in the end .

[FM123]

12. What a good guy you are! Your concern for your fellow man restores my faith in humanity.

[Egnever]

25. Aww that's sweet thanks

[delisen]

13. Adult Protective Services and depending on what state

you are in you might have to make sure you get across to them how dire the situation is.

Some states are not yet sufficiently focused on financial abuse of elderly.

[Egnever]

26. Thank you

I am going to look into this.

[BSdetect]

14. Its not unusual for the elderly to be robbed in various ways.

[Egnever]

27. That is exactly what concerned me

[kerry-is-my-prez]

22. Report it to Dept. of Children and Families. They have a elder abuse/neglect hotline. This would

fall under neglect and they would hopefully appoint a guardian. You could also call his bank and tell them the story - they are mandated reporters to help the elderly avoid exploitation - which could definitely happen. You could also call the police to speak to elder services and tell them you are concerned about the potential for elder exploitation. He is really being neglected and needs someone to help him manage his finances.

Lutheran Services usually offers free guardianship services.

[Egnever]

28. Thanks

Going to look into all of these suggestions.

[Rollo]

35. I'm thinking you may also want to protect yourself...

If he is already being targeted by a professional, they may have strategies for getting "rid" of do-gooders like you. I don't mean violence, I mean trying to get you implicated in their criminal activities.

To counter this, you may want to alert multiple agencies about this elder. Not just the police, or Adult Protective Serivces, but both. And if there's more than one adult protection agency (like city and then county and then state) notify all of them. I'm not saying the public servants are not honest, but people in positions of trust have been known to prey upon the elderly as well. By notifying multiple agencies they may be able to check up on each other to make sure it's all legal and ethical.

[Generic Brad]

29. Report it to his bank

Sounds like he is being scammed.

[Egnever]

32. I don't think he is being scammed yet

But he feels like he is because he is having trouble contacting them ...we are talking Charles Schwab here though at least on one account he showed​ me . Not that Schwab would not take advantage but I don't think that is what is going on.

My concern is he may be scammed going forward and also concern that he wants to move that cash in the first place. Not sure what he could do with it that would make it better than where he currently has it. The idea that you just want to withdraw a huge amount of cash from an account with a major financial institution just so you can have it seems very odd to me and one step closer to losing it.

It is his money to do with what he will but it set off all kinds of alarm bells for me.

[Rollo]

36. You have a legitimate concern...

However it may be as simple as having accounts with Schwab, and 401k firm, and an IRA with another. That is EXACTLY the situation of a friend of mine. She has her reasons for keeping them separate (there used to be two 401k's) but it can get to be a chore for her to manage each one. We're not talking lottery winning sums here, but it is her nest egg for retirement. So I can understand the desire to consolidate assets for easier tracking.

Also if this account is a retirement fund, he'll probably need help doing a rollover so he doesn't get socked with taxes on the withdrawal.

[Egnever]

37. Right that seems to be what he is aiming for

I think his goal is to consolidate all of his accounts. But he kept saying to me I want my money..as if he wants it in his hand and they were trying to keep it from him.

I don't know why I am being coy. We are talking close to a million dollars in the Schwab account by itself. My hope is he is just trying to consolidate everything but he was talking about multiple bank accounts as well and as if he wanted to close those accounts too.

He is not completely lucid though and it is very difficult to keep him on task. The confusion he displays about nearly everything is what scares me the most for him.

He showed me the Schwab statement that is how I know how much cash he is talking about moving at least in that account and right away I was uncomfortable because it was so much money I just could not see what he could possibly do that would be better for him.

It is his money though and I certainly don't want to tell him what he can or can't do with it. I am just in way over my head and concerned that if I don't do something to help this guy some one will come along that will take advantage of him.

[Rollo]

38. Well, if you are talking millions you definitely need to get the authorities involved pronto...

Both to protect him, and yourself.

[Rollo]

39. Also, you want to make sure that it's not you getting scammed...

Stranger things have happened.

To find out if he's really mentally incapacitated, ask him to draw the face of a clock.

If he can't do it, he needs professional help and care, and it's likely more than you can handle by yourself.

[Egnever]

41. Interesting thoughts

Thanks again for the info

[Hassin Bin Sober]

40. That's good advice as is the advice to contact elder care authorities.

I worked for a car dealership back in the 90s. One of our more unsavory sales characters was arrested for walking an elderly customer in to his bank to withdraw a ton of money. The old dude was buying a car and the salesman realized he had a "live one"- I guess making a shit ton on the car deal wasn't enough.

Anyway, an alert bank employee alerted the cops an they threw a net over the prick.

The thief was the cousin of the owner of the dealer group. After the shit blew over they made him a manager.

[panader0]

30. No advice but congrats on being a good guy.

[Egnever]

33. I have my moments

But I also have my own share of warts..

Thanks just the same though.