Wire records show that he sent money to different people, at different addresses for the purpose of a “loan repayment.” The complaint doesn’t offer additional details about the scammers.
Luckily, Cook wasn’t the type of person to throw away anything. He knew how to keep records – letters, invitations, tax records, bills and payments.
Satterfield gets emotional when she talks about finding items that held sentimental value to her uncle- his Christmas stocking, a Boy Scouts cap, buttons from his uniforms, and ribbons from state fairs.
That very habit of record-keeping would lead Cook’s family to the folders that held documents for the international wires.
In November 2020, Cook tried a second time to wire money through Wells Fargo but was denied. According to the complaint, Wells Fargo didn’t give a reason. But Cook instead wired the money from his Wells Fargo account into his credit union account and sent the money abroad.
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On Dec. 15, 2020, a credit union representative reported Cook to Fairfax County Adult Protective Services, saying the transfers were “indicative of possible elder financial exploitation.”
The representative reported that Cook had been warned about being a victim of a scam but still wanted to proceed with the transactions and appeared to be “mentally competent.”
According to Satterfield’s complaint, Cook was a conservative spender, so sending exorbitant amounts of money to foreign banks was out of the ordinary for him.
“The act itself shows he wasn’t competent,” said Paula Williamson, Satterfield’s sister.
They still don’t know who the scammers are, but bringing those people to justice is important, too, Kimberly Ann Murphy, Satterfield’s lawyer, said.
What is a bank's responsibility?
Naomi Cahn, professor at University of Virginia School of Law and expert in family law, estates, trusts and aging, said prior to the move to online banking, people went into banks often, which helped them develop a relationship with their bank, and in turn, it gave banks an opportunity to observe changes in their customers.
But with Cook being elderly, should the bank have done more to protect him?
“Do you want to make assumptions about everybody over a certain age? Should bank tellers be assessing competence every time a customer comes in?” Cahn asked.
While it’s unknown what type of relationship Cook had with each of his banks, he’d been a customer at both since the 1970s, according to the complaint.
And while some states, like California, have mandatory reporting when they expect elder financial abuse, Virginia has voluntary reporting, Cahn said.
“We all expect secrecy with our bank accounts, and it’s protected,” she said. “But this is an exception to secrecy with respect to bank accounts.”
In 2018, Congress passed the Senior Safe Act , which provided financial institutions and employees who reported elder financial exploitation with immunity from liability in any civil or administrative proceeding. To qualify for immunity, a report should have been made to a qualified agency like law enforcement, local adult protective services, state financial regulatory agency, or U.S. Securities and Exchange Commission. And only financial institutions that were either credit unions, depository institutions, investment advisers, broker dealers, transfer agents, or insurance companies, qualified for the immunity. In addition, only employees who were trained on how to identify and report elder financial exploitation qualified for immunity.
In 2022, Virginia also strengthened reporting laws , more than a year after Cook’s death. The new rules allow financial institution staff to delay, refuse to disburse and execute funds if they suspect exploitation.
While Cook’s credit union filed the APS report, and APS officials communicated with the credit union, Cahn said the question remains on what happens after and whether the bank or social service should have stopped the 42 international wires that continued until March 2021.
Murphy, Satterfield’s lawyer, said it’s a question they’ve been pondering, too.
“What is a financial institution supposed to do? How are they protecting their customers, how are they protecting themselves, and where is that money actually going?” Murphy asked.
When USA TODAY asked, both Wells Fargo and Navy Federal Credit Union would not offer further comment on their internal process about elder fraud exploitation.
Murphy said scams come at a high cost to an elderly person – especially one who is incapacitated – who end up losing their life savings.
Satterfield said this scam her uncle fell for was “beyond human judgment" and that legislative changes, need to be in place before another elderly victim is scammed out of their money.
"We're literally all one click away," Satterfield said.
Watching out for elder financial exploitation
Experiencing an elderly loved one mentally declining can be hard for family members and caregivers to watch, so it's important to prepare ahead of time to prevent elder financial exploitation by having a conversation about their finances sooner than later.
The Consumer Financial Protection Bureau also has advice and tips on how people can prepare ahead of time should they experience a decline in their capacity to manage their money:
Organize important documents . Organize information for bank and brokerage statements, mortgage and credit information, insurance policies, pension or benefit summaries, Social Security payment information, and contacts for doctors in lawyers, and store them in a safe and easy accessible location.Designate a trusted contact person. Add a trusted contact person to your brokerage account in case your broker has trouble contacting you or believes you are being scammed. The trusted contact person doesn't have access to the account holder's money.Social Security Advance Designation. The Social Security Advance Designation allows people to designate up to three people to serve as a "representative payee" should there be a need.Create a durable financial power of attorney. The durable power of attorney allows an agent, someone who has the legal authority to make financial decisions, with the power to make decisions if you become incapacitated. It can be changed or canceled if you still have decision-making capability.Ask for help. Involve a trusted friend, relative or professional in talks about your finances.Keep things updated. Be sure to keep accounts current and notify trusted contacts of any changes.
And if you suspect elder financial exploitation, call your local police department or sheriff to report it. If you suspect the financial abuse is stemming from brokers or investment advisers, here is who to call:
