A New Jersey financial advisor and insurance agent pleaded guilty to stealing $1.5 million from 21 clients, most of whom were senior citizens. Over a period of several years, the advisor sold life insurance, annuities and mutual funds to older clients. However, he never turned over their contributions to the insurance or investment companies, instead using them for his own purposes. When clients began to complain about their missing money, he asked them not to talk to police. Charged with theft and witness tampering, he now faces up to 10 years in prison and must pay restitution.
A California Asian-American has given new meaning to the term “funeral insurance.” That’s because he — and an accomplice — devised a scam in which he collected money from 300 Asian families in order to pay for funerals when older relatives died. According to authorities, many of the families paid “fees” of $35 per month for years, but then never received benefits when their relative died. The advisor, who ultimately swindled families out of $200,000, faces felony embezzlement charges.