Woman embezzles life savings from grandparents
by Steve Mayes, The Oregonian
January 22, 2009
He managed the parts department at an auto dealership. She ran the household. As the couple eased into their 90s, they had saved almost $500,000 to cushion their old age.
Connie Gay Cole, in her mid-40s, never worked much. But that didn't stop her from frittering away money on fancy pickup trucks, speedboats and gambling junkets.
Unfortunately for the Morgans, their nest egg bankrolled Cole's spending spree.
It wasn't hard for Cole to gain the couple's confidence.
They knew Cole so well and trusted her so much. And why not?
She was their favorite granddaughter.
Today, the Morgans and Cole are penniless. The Morgans live in nursing homes and the state pays for most of their care. Cole, 47, is in prison.
Like many elderly people in Clackamas County, the Morgans misplaced their faith and paid a hefty price. Increasingly, senior citizens are defrauded by greedy family members, according to those who aid the victims.
Cole was arrested and convicted last year of theft and for illegally collecting welfare benefits for herself. She was sentenced to more than six years in prison and ordered to repay nearly $330,000 to her grandparents.
When James Morgan learned he was broke and surviving on government money, he asked for new glasses and dentures so he could start looking for work to pay his bills.
"Here's a guy who saved all his life, very conservatively. He had a half million in CDs and other assets," Brock said. "Now he's talking about wanting to go out and get a job -- a deaf toothless old man -- so he doesn't have to be a ward of the state."
Abuse on the rise
No one keeps specific statistics on financial abuse, but those who work with Clackamas County's elderly detect a growing problem.
Warning signals
Prosecutors, social workers and others who help victims of elder abuse say the following warning signals may indicate someone is being financially exploited:
• Sudden changes in bank account or banking practice, including an unexplained withdrawal of large sums of money by a person accompanying the senior
• The inclusion of additional names on an older person's bank signature card
• Unauthorized withdrawal of the senior's funds using his or her ATM card
• Abrupt changes in a will or other financial documents
• Unexplained disappearance of funds or valuable possessions
• Substandard care being provided or bills unpaid despite adequate financial resources
• Discovery of an older person's signature being forged for financial transactions or for the titles of his/her possessions
• The appearance of previously uninvolved relatives claiming rights to an elder's affairs or assets
• A sudden and unexplained transfer of assets to a family member or someone outside the family
• Provision of services that are not necessary.
Abridged
SOURCE: OregonLive.com - Portland,OR,USA
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