Exploitation of Older Australians with Dementia
Concerns about the exploitation of older Australians have risen after a Sydney real estate agent purchased a home at a significantly undervalued price from a man living with Alzheimer's disease.
A real estate agent, Rachelle Norah, was suspended for 12 months and fined $11,000 for buying a home from a vulnerable 82-year-old man for $500,000 under market value.
The agent argued that she did the right thing when she purchased the home for $600,000 at a significantly undervalued price in April, 2023.
The NSW Civil and Administrative Tribunal upheld the decision, ruling that the agent engaged in misconduct and took advantage of the man for her own personal financial benefit.
- The agent was suspended for 12 months.
- The agent was fined $11,000.
- The home was purchased for $500,000 under market value.
Author's summary: Exploitation of older Australians with dementia is a growing concern.