Q: Power of Attorneys Mis Use of funds
I have an extended family member that’s 76 years old and has an POA. The elderly family member approached me with his bank statements outlining $30,000 has been used for vacations, iPhones, gas, atm withdraws over the span of the last year. The elderly man he’s suppose to be caring for had no access to his bank accounts until last week because the POA had taken his ID away from him. The elderly man didn’t give consent to the POS to spend $30,000 on himself.
The POA has also transferred $26,000 from his own brokerage account into the elderly man’s account without consent and withdraws the money the same day, like he’s hiding his own money from someone. This has happened 9 times.
We would like to know if this is something an attorney can get this POA”s position revoked and should a police report be made?
It seems like that’s a crime, especially without consent from the elderly man.
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A: Principal should at least revoke the POA with notice to banks, etc. If land is involved, record the revocation in that County. Then he needs a lawyer to sue the agent for breach of fiduciary duty, amongst other causes of actions.
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