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Financial Abuse Specialist Team

Financial Abuse Specialist Team. A 2011 initiative of the Center for Elder Justice & Policy with support from the Stevens Square Foundation. FAST?. It’s not one of those New Year’s resolution diet schemes. FAST?. It’s not about being glued (holding fast). FAST.

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Financial Abuse Specialist Team

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  1. Financial Abuse Specialist Team A 2011 initiative of the Center for Elder Justice & Policy with support from the Stevens Square Foundation

  2. FAST? • It’s not one of those New Year’s resolution diet schemes.

  3. FAST? • It’s not about being glued (holding fast).

  4. FAST • If you’re thinking speed, there’s a connection.

  5. FAST • Fiduciary Abuse Specialist Team or • Financial Abuse Specialist Team • Generally county oriented • Some do case consultation only. • Some do consultation and intervention. • Some are composed solely of county staff. • Many have extensive professional volunteer involvement. • Some provide consultation and training to wider audiences (e.g. health care providers).

  6. A first in Minnesota • Early models developed in California – LA County and Santa Clara County • Hennepin County is project focus • The spark: Carla Hagen, Hennepin County Attorney, prosecutes financial exploitation cases • Grant: Stevens Square Foundation • Project timeline: January 1 – September 30, 2011 • Project Director: Iris C. Freeman, CEJP • Research Assistant: Rachel Bakke, WMCL student

  7. Phase 1: January & February • Work with Hennepin County officials to assure that the FAST will be designed to fit contemporary and emerging needs. • Publicize project through VAJP and other networks. • Hire student research assistant. • Research existing models, their planning, operations, and evaluation components. • Research confidentiality, ethics, and liability issues affecting FAST operations.

  8. Phase 1: January & February • Develop charge to planning group and overall work plan. • Outreach to establish advisory planning group • We are seeking advice from the public and private sectors. • Adult Protective Services and Ombudsman • Law Enforcement and Prosecutors • State and federal input (DHS, FBI, FTC) • Geriatrician, geropsychologist • Bankers, bank investigators, other financial services regulators • Guardians…insurance experts…many more

  9. Phase 2: March – August • Conduct 6 monthly meetings to develop a blueprint for the FAST, and reach agreement on • Decide on a model: Roles and functions of a Hennepin County FAST (March) • Recruitment (who should be on the FAST), terms of service, orientation, types of cases that will be addressed (April) • Operations: regular meetings? emergency consultations? other roles? (May) • Leadership and resources – what does it take to carry this on for the long haul? (June)

  10. Phase 2: March - August • The agenda for July is “loose ends from the prior four meetings.” Just guessing, of course. • Determine the kinds of policies and record-keeping that will be necessary; planning for evaluation (August)

  11. Phase 3: September • Reach a formal commitment and memoranda of understanding as necessary based on decisions reached at the planning meetings. • Circulate documents for signatures. • Publicize the establishment of MN’s first FAST. • Final report to Stevens Square Foundation • And if, despite best efforts, the project does not result in a FAST, the project team will prepare a full report on work done, barriers encountered, and alternative means to strengthen the county’s ability to detect and respond to financial exploitation of vulnerable adults.

  12. The possibilities • Santa Clara County’s FAST Team has reports that they have recovered and/or prevented the loss of $127 million. (Malks, May 16, 2006). • Real property $79,417,800 • Liquid assets $27,360,508 • Stocks, bonds $10,344.569 • Restitution/recovery/ $ 9,964,319 settlement The sum = $127,087,196

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