U.S. authorities filed charges in 400 elder fraud cases over the past year, representing alleged losses of more than US$1 billion.
The U.S. Department of Justice (DoJ) reported that the largest ever coordinated sweep of financial schemes targeting senior investors produced charges against 400 defendants, up from 260 defendants last year.
More than a quarter of the cases were prosecuted by the Transnational Elder Fraud Strike Force, which was established in June 2019 and involves U.S. attorneys’ offices in five states, FBI agents, postal inspectors and other law enforcement agencies.
“The charges announced today demonstrate the great success of the Transnational Elder Fraud Strike Force to identify and stop those who are targeting our senior communities from overseas,” FBI director Christopher Wray said in a statement.
The DoJ reported that U.S. authorities also continued to target the network of money mules that funnels the proceeds of elder fraud to offshore ringleaders. It said that the FBI and the Postal Inspection Service took action against more than 600 alleged money mules during the past year.
The DoJ also launched a National Elder Fraud Hotline, which will help victims report suspected fraud to the appropriate authorities.