MADISON — After Call 4 Action and Consumer Investigator Kristin Byrne worked on a financial fraud case, Sen. Tammy Baldwin is working on legislation directly aimed to protect elderly victims of financial exploitation.
According to Baldwin’s office, they are working “with Mr. Studer on legislation to ensure that this situation does not happen to other families.”
Gerard Studer is the son-in-law of Arthur and Edith Shorougian, who said financial adviser Chris Kubiak stole more than $80,000 from their savings.
The following was sent to TODAY’S TMJ4 from Baldwin’s office:
“We are still working on the legislation and it has not been finalized, but here’s a broad overview:
- The bill mandates that elderly victims of felony financial fraud be paid back full restitution, with interest.
- Elderly victims who are not made whole by the criminally convicted will receive the remaining balance from a Victims Compensation Fund that would be established by the U.S. Department of Justice.
- DOJ would also be tasked with creating a website, the National Elder Abuse and Fraud Criminal Watch List.
- Fraudsters who are convicted of felonies are required to report their crimes to the State Attorney General.
- State Attorneys General would be required to report their lists to the USDOJ National Elder Abuse and Fraud Criminal Watch List."
On Baldwin’s previous work in this space:
"Senator Baldwin has been a long and strong supporter of preventing senior fraud. Her grandmother was a frequent target of scams and while in the House of Representatives, Congresswoman Baldwin wrote the Senior Financial Empowerment Act of 2009 [congress.gov] which passed the House in 2010. In this 2010 CSPAN video [c-span.org], she discussed her personal experiences and her bipartisan bill."
