A Los Angeles-based life insurance agent has been arrested on charges of financial elder abuse, the California Department of Insurance has disclosed.
California Insurance Commissioner Dave Jones today announced the arrest of Frank J. Conlon, 73, charging the Los Angeles-based agent of two felony counts for allegedly defrauded seniors and embezzling premium funds in excess of $1,000,000.
Jones said that Conlon’s actions violate California Penal Code Section 368 (d), Elder Abuse; Penal Code Section 487 (a), Grand Theft; Penal Code Section 186.11 (a) (3), Fraud; and Penal Code Section 12022.6 (a) (3), for theft exceeding $1 million.
If convicted, Jones said, Conlon could face up to 5 years in state prison on each felony count and restitution in an amount at or exceeding approximately $1,000,000.
“Insurance agents who prey upon seniors for financial gain will be apprehended and punished,” said Jones. “My department’s investigators and staff have been instrumental in investigating and rooting out these unscrupulous participants in the insurance business.”
According to investigators, in September 2011, the California Department of Insurance (CDI) received complaints that alleged Conlon had diverted premium funds from numerous clients. The investigation revealed that Conlon had in fact diverted funds without consent or knowledge of his clients.