Elderly Woman Scammed for $100K Reverse Loan

Posted by Charles D

January 10, 2009

Elder scams

With the economy continuing to search for footing, fraud and scams are on the rise in the United States. One of the easier groups to target are seniors, whom despite losing thousands in the values of their homes still have a disproportionately higher amount of equity than the average American. One man in St. Paul allegedly took advantage of his elderly mother.

A St. Paul man is charged with theft by swindle, for allegedly taking money from his 83-year-old mother and neglecting to pay her nursing home bills.

Larry John Bekis was charged Thursday in Ramsey County District Court.

The case is the first to be prosecuted by the new elder abuse unit of the Ramsey County Attorney’s Office.

Investigators said Bekis’s mother was placed in the Rose of Sharon nursing home in Roseville in October 2006 with progressive dementia. She had given her son power of attorney.

The criminal complaint said Bekis allowed nursing home bills to pile up to $49,000. And he took out a $100,000 reverse mortgage on his mother’s home, and never paid it back. He also allegedly collected his mother’s Social Security and pension checks.

For the majority of house who are resposinble and would not look to cheat our parents, considering taking steps through attorneys to safeguard their assets today.