The North American Securities Administrators Association (NASAA) on Monday released a new publication warning of possible financial abuse by guardians assigned to oversee financial matters of individuals no longer able to do so for themselves.
Suspected signs of abuse include:
> transferring property to benefit the guardian;
> taking personal payments and using or borrowing property from a protected individual without court permission;
> authorizing frequent, unexplained cash withdrawals; and
> making decisions that are not in the best interest of the person that's supposed to be protected by the guardian.
Incidents of suspected abuse should be reported to authorities, such as police, adult protective services, regulators, and other government agencies, NASAA says.
"Through this resource, we hope to help focus attention on the warning signs of suspected guardian financial abuse," says Joseph Borg, president of NASAA and Alabama Securities Commission director, in a statement.