A former California life insurance agent was arrested for allegedly stealing $100,000 from an 83-year-old client. He was charged with three felony counts, including theft, identity theft and theft from an elder. The agent allegedly forged the client’s signature on annuity surrender documents. He also changed the mailing address of the annuity to his own residence and directed the insurance company to send the client’s money to him. State authorities said he deposited the money into his business account where he used it to buy personal items.
A California financial advisor was sentenced to 30 months in prison, three years of supervised release and $2.8 million in restitution in connection with investment fraud. The advisor, who owned a tax and bookkeeping service, solicited client funds to invest in a fiber optics company. However, rather than investing the money, he used it to make personal investments in an Arizona housing development and penthouse. He further tried to conceal the misuse of investor money by depositing it numerous bank accounts in the names of corporate and partnership entities.