90-Year-Old California Senior Loses $814,000 to Bank Fraud: What Families Need to Know About Elder Financial Exploitation and Legal Protection

For California Families Managing Aging Parents’ Finances

If you’re a California resident responsible for an elderly parent’s financial affairs—or worried about protecting a loved one from financial exploitation—this case offers critical lessons about bank fraud, power of attorney responsibilities, and when legal intervention becomes necessary.

What Happened: The Irving Rosenberg Case

Irving Rosenberg, a 90-year-old Southern California resident, lost $814,000 from his savings account through unauthorized withdrawals that began in April 2025. The withdrawals occurred over several weeks, with checks bearing forged signatures that bore no resemblance to Rosenberg’s actual signature.

Despite the obvious fraud, Wells Fargo initially denied Rosenberg’s claim, citing a 60-day reporting window policy. The bank’s position failed to account for the realities facing elderly customers: Rosenberg was 90 years old, hard of hearing, had mobility issues, and was dealing with early dementia—all factors that made it difficult for him to notice the fraudulent activity promptly.

How Can Banks Deny Fraud Claims for Elderly Customers?

Many California families don’t realize that banks enforce strict reporting deadlines for fraud claims—often 60 days from when the statement is issued. For elderly customers who:

Have cognitive impairments or dementia

Don’t regularly review bank statements

Have hearing or vision difficulties

Rely on family members who may not have immediate access to accounts

These rigid timeframes can mean legitimate fraud claims are denied, leaving families devastated.

What Changed the Outcome?

After Rosenberg’s nephew, David Satin, who held power of attorney, contacted 7 On Your Side for help, the media intervention prompted Wells Fargo to reverse its decision and return the full $814,000.

Wells Fargo’s statement emphasized: “After working with our customer and their designated Power of Attorney, and reviewing additional information, we are pleased to share that we are returning Mr. Rosenberg’s money back to his account”.

Why Didn’t the Bank Catch This Fraud Earlier?

A critical question raised by this case: Why weren’t multiple large withdrawals—totaling over $800,000 in just weeks—flagged by the bank’s fraud detection systems?

California families managing elderly parents’ finances should ask their banks:

What fraud monitoring systems are in place for senior accounts?

Can alerts be sent to designated family members or attorneys-in-fact?

Are there special protections available for accounts held by customers over 65?

How California Families Can Protect Elderly Loved Ones From Financial Exploitation

1. Establish a Durable Power of Attorney

A properly drafted financial power of attorney allows a trusted family member to:

Monitor account activity regularly

Receive duplicate bank statements

Act quickly when suspicious activity occurs

Communicate with financial institutions on the senior’s behalf

2. Set Up Account Alerts and Monitoring

Enable text or email alerts for withdrawals over a certain threshold

Request that the bank send statements to both the senior and the designated attorney-in-fact

Schedule regular account reviews—weekly or monthly depending on account activity

3. Consider a Revocable Living Trust with Co-Trustees

For California families concerned about protecting substantial assets, a revocable living trust with co-trustees provides:

Dual authorization requirements for large transactions

Continuity of financial management if the senior becomes incapacitated

Protection from both external fraud and internal family disputes

Avoidance of probate if the senior passes away

4. Document Everything

When fraud occurs, documentation is critical:

Keep copies of all bank statements

Document the senior’s cognitive state with medical records

Preserve all communications with the bank

Obtain handwriting analysis if signature fraud is suspected

What Should You Do If Your Elderly Parent Is a Victim of Bank Fraud?

Immediate Steps:

Contact the bank immediately and request a fraud investigation

File a police report

Document all fraudulent transactions with dates, amounts, and check numbers

If you have power of attorney, provide this documentation to the bank

Request copies of all cashed checks to examine signatures

Follow up in writing with the bank’s fraud department

If the Bank Denies Your Claim:

Request a written explanation of the denial

Escalate to the bank’s executive customer service office

File a complaint with the California Department of Financial Protection and Innovation

Consider contacting consumer protection advocates or media outlets

Consult with an attorney experienced in elder financial abuse cases

California’s Legal Protections Against Elder Financial Abuse

California law recognizes elder financial abuse as both a civil and criminal matter. Under California Welfare and Institutions Code § 15610.30, financial abuse of an elder includes:

Taking, secreting, or appropriating property of an elder for wrongful use

Assisting in taking property for wrongful use

Taking property by undue influence

California families have legal recourse through both criminal prosecution and civil litigation to recover stolen assets.

Why Estate Planning Matters Before Crisis Strikes

The Rosenberg case demonstrates why proactive estate planning is essential for California families. By the time fraud occurs, families are in crisis mode—dealing with banks, police, and emotional trauma.

Proper planning includes:

Durable power of attorney with immediate or springing authority

Healthcare directives to ensure medical decision-making is clear

Revocable living trusts to manage and protect assets

Regular family meetings to review financial arrangements

For California residents managing aging parents’ affairs, these tools provide both legal authority and practical protection before a crisis occurs.

Protect Your Family’s Financial Future

If you’re a California resident concerned about protecting an elderly parent from financial exploitation—or if you want to ensure your own assets are protected as you age—California Probate and Trust, PC offers comprehensive estate planning solutions tailored to your family’s needs.

Our experienced attorneys help California families:

Draft legally sound powers of attorney with bank-specific provisions

Create revocable living trusts with fraud protection mechanisms

Establish healthcare directives and HIPAA authorizations

Navigate probate and trust administration after a loved one passes

Address elder financial abuse situations with compassion and expertise

Schedule Your Free Estate Planning Consultation

Don’t wait until a crisis occurs. Contact California Probate and Trust, PC today for a no-obligation consultation to discuss how we can protect your family’s financial security and peace of mind.

Call (866) 674-1130 or visit cpt.law to schedule your free consultation.

Source: ABC7 News – “90-year-old Irving Rosenberg of Southern California scammed out of more than $800,000 in savings. 7 On Your Side gets money back”

Legal Disclaimer

This article is provided for informational purposes only and does not constitute legal advice. The information presented is based on publicly reported news and should not be relied upon as a substitute for consultation with a qualified attorney. Every legal situation is unique, and outcomes depend on specific facts and circumstances. California Probate and Trust, PC makes no representations or warranties regarding the accuracy or completeness of this information. If you require legal assistance with estate planning, elder financial abuse, or related matters, please contact a licensed attorney in your jurisdiction. No attorney-client relationship is created by reading this article or contacting our firm for general information.