By some estimates, financial abuse costs elderly Americans $37 billion each year.

But swindlers could soon face stricter punishment for defrauding the elderly.

A recent bill in the Congressional pipeline would implement tougher penalties in an effort to prevent elder fraud.

A press release describes the bill:

The Elder Abuse Prevention and Prosecution Act (S. 3270) expands data collection and information sharing to better prevent and respond to all forms of elder abuse and exploitation, including financial crimes against seniors.  Specifically, the bill increases training for federal investigators and prosecutors and equips each judicial district with at least one prosecutor having expertise with elder abuse cases.

It also establishes an elder justice coordinator within the Federal Trade Commission’s Bureau of Consumer Protection.  Further, the bill improves information sharing among government agencies and between federal, state and local authorities to develop best practices in the fight against elder financial exploitation.

Finally, the bill increases penalties for perpetrators of such crimes – including mandatory forfeiture – to deter future offences. The bill is also cosponsored by Senators John Cornyn (R-TX), Amy Klobuchar (D-MN), Marco Rubio (R-FL.) and Michael Bennet (D-CO).

Read the text of the the Elder Abuse Prevention and Prosecution Act (S. 3270) here.