Q: What can be done if my sibling (my brother) is refusing to return $45,000 cash belonging to my parents (age 91 & 86)?
My parents had $45K cash in a bank safe deposit box. My brother found out and convinced them to let him hold the money for safe keeping in his own bank and he would give them money whenever they needed it. They agreed. My Parent's shared with me a copy of the 1st and only page of the IRA statement my brother gave them as proof he deposited the money in an account. The IRA is only in my brothers name. My brother also made himself joint owner to my parent's checking account, changed the statement's mailing address to his own and placed an "Elder Abuse Alert" on the accounts so he could be notified when my parents try to withdraw money. To clarify, the joint account are only funded with my parents social security checks. None of the funds are my brothers. They have asked him to return the $45k but he refuses. My parents are scared to death that they've been swindled but hesitant involve the law because they don't want my brother to get in trouble. Is the police the only recourse for us?
what your brother had done is FINANCIAL ELDER ABUSE............and he could be arrested.
absent the police you can sue civilly but a lawyer would charge on an hourly and it could be costly if your bro does not comply.
police are your best solution
A: A good start would be to make a police report and file a report with adult protective services. It may take them awhile to start an investigation but when they do it may convince your brother to return the money. You could file a complaint for financial elder abuse but most attorneys will charge you hourly. Attorneys fees are recoverable in financial elder abuse cases.
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