A recent story illustrates that financial elder abuse impacts a wide spectrum of the population and frequently occurs even within the best families. According to this article, Chase Caro has admitted that he stole $310,000 from his grandparents. Chase Caro ended up liquidating three CD’s without their permission, set up a joint trust fund in his name and theirs, and then began to withdraw money for his personal use. Chase Caro is the son of one of my favorite authors, Pulitzer-prize winning biographer Robert Caro.
Chase Caro pleaded guilty to Grand Larceny and has been sentenced to 2.5 – 7.5 years in prison. Chase Caro had previously pleaded guilty to stealing $470,000 from another client, who was also elderly (and trusting). Caro has agreed to pay restitution of 1.1 million dollars which also includes funds from a third theft. An attorney, Chase Caro was also recently disbarred.