Florida woman, 97, told family she was ‘running out of money.’ Now her caregiver, 60, is accused of taking more than $700K

The victim told her niece she was “running out of money,” investigators said, causing the niece and her husband to look into the woman’s Bank of America and Morgan Stanley accounts, Local 10 reported.

Investigators said the couple questioned Wade, who had been employed by the victim for five years, after they found “numerous ATM deposits followed by cash withdrawals,” the report says. Police also said the only person with access to the victim’s accounts was Wade.

Caregiver accused of stealing more than $700,000

According to Local 10, the victim’s niece and her husband confronted her caregiver about the accounts.

“When questioned about the transactions, Wade allegedly claimed she had been making them at the victim’s direction but could not explain where the money had gone,” Local 10 reported. “Investigators said Wade also mentioned working for free for several months, if necessary, to repay the money.”

But the arrest report shows that the couple began legal proceedings to look into what happened with the financial accounts, Local 10 said.

Documents obtained by Local 10 show Wade is accused of:

• Eight money transfers in 2021 totaling $202,396.14 from the victim’s retirement account
• 95 checks written and deposited into Wade’s account from 2022 to 2026 totaling $303,000
• From 2022 to 2026, 354 cash withdrawals totaling $217,343.89

Investigators reportedly interviewed the victim’s niece, who told them that, over time, Wade had “become a trusted member of the family” while caring for her aunt, Local 10 reported.

The charges against Wade include grand theft of $50,000 or more from a person 65 or older; exploitation of an elderly person involving $100,000 or more; organized scheme to defraud involving $50,000 or more and criminal use of personal identification information belonging to a person 60 or older, Local 10 reported.

Protecting older adults

According to the Consumer Financial Protection Bureau (CFPB), elder financial exploitation results in losses of billions of dollars every year.

When it’s committed by someone you know, it’s considered financial abuse; financial abuse of older adults can include power of attorney abuse, the use of credit or debit cards without permission, theft, forgery and extortion.

If you are concerned about an older adult family member, warning signs to watch for include large, unexplained withdrawals or sudden changes in account balances. It can also be a red flag if the person becomes isolated from their family or their trusted advisors or if new friends or romantic partners become involved in financial matters.

You can also make accounts easier to manage by setting up automated bill payments. Also consider adding alerts for large or unusual withdrawals, as well as withdrawal limits.