Age Concern wants tougher penalties for those who rip off the elderly.

The case of a man who duped many elderly people out of their life savings is being called rare, but heartbreaking.

Paul Clifford Hibbs has pleaded guilty to a raft of charges after he used his business to run a Ponzi scheme.

Investors lost $17.5 million, many of them were elderly.

Age Concern CEO Simon Templeton said many of his victims are elderly, and the effect on them is significant.

"They're left without enough money for home heating, they're left without enough money for food or visits to the GP, we've had a case recently where a man was conned out the money that he was saving for his hearing aid."

Templeton said the effect on those victims is significant.

"Whether the amount is small or large it's really about what funds they have available and of course when you're above working age your ability to recoup that is very very limited in fact probably nil."

Templeton also pointed out this case is rare, as 75 percent of all elder abuse is committed by family members.