Financial Elder Abuse Occurs Even in Famous Families.
A recent story illustrates that financial elder abuse impacts a wide spectrum of the population and frequently occurs even within the best families. According to this article, Chase Caro has admitted that he stole $310,000 from his grandparents. Chase Caro ended up liquidating three CD’s without their permission, set up a joint trust fund in his name and theirs, and then began to withdraw money for his personal use. Chase Caro is the son of one of my favorite authors, Pulitzer-prize winning biographer Robert Caro.
Chase Caro pleaded guilty to Grand Larceny and has been sentenced to 2.5 - 7.5 years in prison. Chase Caro had previously pleaded guilty to stealing $470,000 from another client, who was also elderly (and trusting). Caro has agreed to pay restitution of 1.1 million dollars which also includes funds from a third theft. An attorney, Chase Caro was also recently disbarred.
The Caros’ tragic story illustrates the importance of maintaining a healthy skepticism of everyone who becomes involved in your financial affairs, even your family members. It is not unusual for people to afford professionals—such as attorneys, financial advisors—a high level of trust simply because of their training or credentials. When it comes to your financial affairs, never be afraid to ask the hard questions or for a second opinion.
Chase Caro pleaded guilty to Grand Larceny and has been sentenced to 2.5 - 7.5 years in prison. Chase Caro had previously pleaded guilty to stealing $470,000 from another client, who was also elderly (and trusting). Caro has agreed to pay restitution of 1.1 million dollars which also includes funds from a third theft. An attorney, Chase Caro was also recently disbarred.
The Caros’ tragic story illustrates the importance of maintaining a healthy skepticism of everyone who becomes involved in your financial affairs, even your family members. It is not unusual for people to afford professionals—such as attorneys, financial advisors—a high level of trust simply because of their training or credentials. When it comes to your financial affairs, never be afraid to ask the hard questions or for a second opinion.
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