Hi Scott,
In 2022, I was diagnosed with prostate cancer and during treatment I was befriended online by someone who took full advantage of my vulnerability. Over the following months, I requested four withdrawals from my life savings totalling $190,000, and gave it to my online ‘friend’. My financial advisor signed off on all of them while I was undergoing five surgeries.
Now my wife and I survive on the pension. I collect cans for extra cash. I’ve raised an AFCA (Australian Financial Complaints Authority) complaint against my financial planner, citing lack of duty of care. But all they suggested is that I seek legal advice. Where was my advisor’s responsibility when a cancer patient was withdrawing his entire life savings? How does someone lose $190,000 during medical treatment without anyone asking questions? Any guidance would be appreciated.
Peter
Hi Peter,
I’m so sorry to hear about your ill health. You were under a heap of stress, which made you an easy pick for crooks. I’ve seen it over and over again.
One woman I’ve helped had terminal brain cancer, and scammers swooped in and stole her entire insurance payout. It’s inhumane.
Now, I don’t have all the details of your case.
Maybe your advisor was negligent – that’s something a good financial negligence lawyer can dig into. But here’s the brutal truth: unless you’d formally lost legal capacity, your advisor wasn’t required to play Sherlock Holmes. Their job was to process your withdrawal requests.
Peter, I know this is hard to hear, but it’s important: you made those transfers. But don’t beat yourself up: you were battling cancer and scammers at the same time – and these guys are better than your surgeon at extracting cash.
What matters now is focusing on what you can do. I think it’s unlikely you’ll recover the money, but I strongly recommend talking to anti-scam agency IDCARE, who provide free counselling, and getting in touch with a Centrelink Financial Information Service Officer (FISO) to make sure you’re getting every government benefit you’re entitled to.
Finally, please don’t carry the shame. That belongs to the scumbags who did this to you.
Scott
