Washington, D.C. – Congresswoman Elise Stefanik, along with her House colleagues introduced legislation to help seniors who have been victimized by financial scammers. The bipartisan Edith Shorougian Senior Victims of Fraud Compensation Act will allow elderly victims of financial scams to recoup their financial losses through the Crime Victims Fund. This bill is named in honor of Edith Shorougian, who lost over $80,000 in retirement savings after being scammed by a financial planner. The bill is supported by AARP, Alzheimer’s Association, Elder Justice Coalition, and a number of other organizations.
“Our seniors are among our most vulnerable, and far too often, they fall victim to scams,” said Congresswoman Stefanik. “As the Representative for a large portion of upstate New York seniors, I am proud to be introducing this critical legislation along with my colleagues. Edith’s Bill will give back the financial resources that are stolen from older Americans by scammers. Reports of scams targeting seniors have increased as a result of the COVID-19 pandemic, so this legislation is timely and much needed. While we must continue to hold perpetrators accountable and try to prevent scams from happening in the first place, we must also support those who have been victimized. I look forward to furthering this effort along with my House colleagues.