Community Banker Newsletter
Jan/Feb 2023: Financial Exploitation of Your Customer
In this issue of Community Banker, we discuss Financial Exploitation of Your Customer.
Monica Morrell lived in Oregon until early 2014, when she sold the family farm and received about $500,000. She was elderly and beginning to suffer from dementia, so she moved to her daughter Caroline Conrad’s home in Fargo shortly after selling the farm. A joint account was set up at a local credit union when Monica moved to Fargo, and Caroline’s name was listed on the account so it would be easier for her to help her mother manage her finances. Mother and daughter lived together until Monica moved out in December 2014 because the two did not get along. Thereafter, Caroline had her mother “trespassed” from her home, meaning her mother would have faced arrest if she came on to the premises.
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