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How sad is it when you find out that a senior has been ripped off  millions of dollars of his own hard earned money by no one other than his own children!! That is exactly what happened with a man from B.C., a self-made millionaire by the name of Pete Stoopnikoff. He claims that two of his eldest children took all his money by draining his savings, leaving him with no way to cover his living expenses . He alleges that he was tricked into signing over multimillion dollar accounts and properties over to his children based on his complete trust in them.

Signing over hard earned money

Stoopnikoff, who is now 92, originally born in Saskatchewan but lived most of his life in Slocan Valley started off by buying a gas station in the 1940s. His invention of an efficient wood burning heater earned him profits that were used to invest in real estate and make him a multimillionaire. His oldest daughter, Anne Filippone, an accountant, did his taxes and took over his bookkeeping later on. He trusted her completely.  That is what got Pete in trouble.

In 2014, Anne recommended that her father give her and her brother enduring power of attorney so they so they could help handling the financial affairs. Since there was no reason to suspect any wrong doing, the father did just that. Legal documents were drawn for his money and  properties and then transferred over to Anne and Sam. The legal ramifications were explained and Pete Stoopnikoff did not suspect that his children would dupe him in any way. However, he was proven wrong when in June 2016, he realized that $57,000 was taken from his joint account meant for his living expenses. Upon inquiry with the bank, he found out how his children had withdrawn money from the account that was not meant to be touched by anyone but him.

Pete is now left with no money to even put gas in his car. All this has added stress for him to a point where he has trouble sleeping. The children have not commented on the situation, deferring any inquiries to their lawyers respectively. Pete is now left with nothing, begging for money instead of being able to enjoy his retirement years. He has hired a lawyer and is trying to revoke the transfer of properties and deeds of gifts.

Common problem

This story is just one of many. Elderly parents trust their children.  However, sometimes the children have other ideas. Many children, whose parents are living longer, often think they are entitled to their parents belongings and do not see anything wrong with taking it from them. Elderly Canadians being abused financially by their children is on the rise. In recent times parents have been kicked out of their own homes after they were talked into or tricked into transferring the title to their children.

Legal Options for victims

Elderly victims can pursue civil charges.  Even though the cases are challenging, according to an RCMP fraud investigator, it is imperative to try.

Call Elder Move Inc. to find out how we can help you get connected with the right people to ensure your financial and physical well being.

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