Elder fraud cases on the rise in Colorado

COLORADO SPRINGS, Colo. (KRDO) -- A man was arrested for stealing money from his deceased grandfather for nearly a decade. This incident was an example of a much larger problem in Colorado.

In March of 2019, the El Paso County Sheriff's Office Financial Crimes Unit began investigating the trust fund of Larry Ochs. Detectives received a report that a large sum of money was stolen from Ochs' trust fund. According to EPCSO, Ochs passed away in 2003.

After nearly three years, detectives issued an arrest warrant for Ochs grandson, Craig Ochs. On November 8, Craig was arrested for several charges, including Money Laundering, Forgery, and Theft. He was taken into custody in Denton County, Texas.

According to the EPCSO, the suspect stole more than $700,000 from his grandfather's trust.

When asked how this happens, investigators explained how older residents fall prey to financial scams.

“There are two typical dynamics that we see where the elderly are most commonly victimized… one of them is by people that are around them who take advantage," Sgt. Jason Garrett said. "The other one, that frankly affects every demographic in our society, but particularly the elderly, are online scams that originate from overseas.”

According to the American Association of Retired Persons (AARP), strangers were the offenders in about 51% of cases reviewed. Another 14% were unknown or unspecified. That means in 36% of cases, the victims knew the fraudsters.

Unfortunately, seniors may also be less inclined to report fraud. Sometimes because they don’t know how, or they may be too ashamed at having been scammed.

"We would recommend seniors institute a special or limited power of attorney, giving a person or a group of people that they trust the ability to monitor your bank account and transactions," Sgt. Garrett said.

To report fraud in Colorado, click here.