Retirement Account Emptied, Two Charged
August 8, 2009 by Stephen Kersey
Filed under Finance
In a recent story in the Kansas City Star, there was a sad story about a man who had his retirement account emptied by his son and his son’s wife. According to police, the man lost up to $500,000 in the crime — which was carried out from 2005 to 2008.
The couple, Chris and Erin Krapes, allegedly took the money and used it for personal reasons. The police say the couple used the money to purchase a house, pay numerous bills and make car payments. Both individuals have been charged with mistreatment of a dependent adult.
Chris Krapes is being charged with taking at least $100,000. Erin Krapes is being charged with taking at least $25,000. The couple, who are now divorced, have had no public comment to date.
This case highlights the fact that everyone should keep an eye on their retirement savings account. If a retiree becomes unable to care for their own finances, a professional might be the best way to go in terms of managing the money.
In this case, the 60-year-old father is now living off of disability payments in small apartment.
Be careful with your retirement account (Image: Flickr)
Wanted to comment on that story about the two charged with emptying the retirement account. The information contained in this article is not entirely accurate, and I wanted to clarify – the man is living in an apartment with his son, (the one who is charged), and this son has continued to care for him for the last three years, since he became wheelchair-bound and mentally incapacitated. He is living off of his disability, as well as the income of his son, so the insinuation that the man is alone in a small apartment is false. The allegations the police have made are false, but this article attributes those statements to the police, and thus is factual in that regard. One note to add: if you do ever volunteer to care for a dependant relative in the future, save every record, every receipt, and every form of proof that you used the money on them, for their care. Also obtain District Power of Attorney over this person (while they are still mentally able to sign it over), as this couple did. Greedy and jealous family members can make your life miserable if you do not cover your purchases.