Elder Fraud Prevention Advocate Janine Williamson Applauds Passage of HB 692 by Virginia General Assembly

RICHMOND, Va., Feb. 26, 2024 /PRNewswire/ -- The Virginia General Assembly passed House Bill 692 last week. The measure lays the groundwork for financial institutions to train their employees in how to identify potential financial exploitation of senior citizens and report suspected financial exploitation of a senior to the authorities. It also permits them to notify a trusted contact of such exploitation and directs the Bureau of Financial Institutions of the Virginia State Corporation Commission to establish training guidelines for detecting and preventing elder financial fraud.

HB 692 was introduced in the Virginia House of Delegates in January by Del. Michelle Maldonado, D-Manassas, and unanimously passed the Virginia State Senate on February 22 and unanimously passed the Virginia House of Delegates on February 23. The bill now goes to the governor for his signature. "I am grateful for the collaboration with our advocacy groups, families, and financial institutions that helped us bring this important piece of legislation forward to better protect our seniors and vulnerable persons across Virginia," Del. Maldonado said.

Elder fraud prevention advocate Janine Williamson testified in front of the Virginia Senate Commerce and Labor Committee on Monday, February 19. Williamson, who recently filed an appeal with the U.S. Court of Appeals for the Fourth Circuit regarding her $3.6 million negligence lawsuit against Wells Fargo and Navy Federal Credit Union on behalf of the estate of her late uncle, retired Navy Commander Larry Cook of Herndon, Virginia, issued the following statement:

"I am pleased and encouraged that Delegate Maldonado and Virginia lawmakers are leading the country with powerful, protective actions to prevent financial exploitation of aging and vulnerable populations.

"HB 692 would have stopped the financial exploitation of my uncle Larry and allowed our family to get him needed physical and mental help. A trusted contact's information, much like a medical 'emergency contact,' would have enabled his financial institutions to reach us quickly with a phone call, email or letter.

"Training financial institution employees would have helped them recognize the latest financial scams, which were used to exploit my uncle Larry, and take action to prevent 74 international wires totaling $3.6 million from leaving the country.

"The financial institution employees would have contacted Larry's family to express their suspicion that he was the victim of financial exploitation. Because of their training, the employees would have recognized the exploitation immediately and informed Adult Protective Services, local law enforcement, and the FBI right away after the first international wire.

"HB 692 will protect a targeted, aging population from cyber crime, fraud, and other financial harm. HB 692 needs to become federal law."

Cook's story and Williamson's lawsuit have been profiled in USA Today, Yahoo! News, NBC Washington, CBS Seattle, Law.com, and more.

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Cooper Rumrill
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SOURCE Larry W. Cook Estate