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Mar 30, 2018 by |

San Diego, Santa Clara County, and California Financial Elder Abuse Attorneys: Insurance Agent Fraud and Financial Elder Abuse


Financial Elder Abuse And Annuities

Financial elder abuse takes many forms and comes from many different directions. Unscrupulous insurance agents are among the financial predators of seniors.  In a recent publicized case[1] from San Diego, an insurance agent is facing criminal charges for churning annuities he sold to seniors and for taking elderly clients’ money for “investment” in what turned out to be fictional business ventures. The insurance agent faces five charges of grand theft and three counts of felony-level elder fraud.

The San Diego, Santa Clara County, and California financial elder abuse attorneys at Evans Law Firm, Inc. represent senior victims who have lost money due to churning of their annuities or other financial elder abuse by insurance agents, brokers, and financial advisors. Churning is the illegal practice of selling insurance or investment products and then selling and replacing the product with new ones solely to generate sales commissions.  Churning of annuities or life insurance is similar to a stock broker who repeatedly sells and buys the same or similar stocks in an investor’s account.  Our financial elder abuse lawyers pursue all remedies available to victimized seniors under the California Elder Abuse and Dependent Adult Civil Protection Act and other statutes designed to protect California seniors from financial elder abuse.  If you or someone you know is the victim of financial elder abuse in Santa Clara County, San Diego, or elsewhere in California, call Evans Law Firm today at 415-441-8669.

Churning and Concealed Replacements

Insurance carriers know churning is illegal and purport to track contract replacements initiated by producing agents. An agent wishing to conceal the churn may falsify a client’s application to disguise the fact that the policy applied for replaces an existing policy.  In the San Diego case, an agent would sell an annuity to a senior and within a very short time convince the elderly policyholder to change the policy to a different one. The agent defrauded five elderly clients out of more than $1 million by churning, according to reports. The customers had to pay substantial surrender penalties for canceling their original policies while the agent pocketed large commissions. The agent also allegedly took his client’s money for other “investment” opportunities and deposited the money into fictional ventures. According to the District Attorney, the agent used this money for personal expenses and lavish purchases, including several rental properties and a Maserati sports car.

Remedies for Victimized Seniors

California leads the nation in protections for seniors against financial elder abuse. The State’s laws afford broad civil remedies to seniors– compensatory damages, the award of mandatory attorneys’ fees and all other remedies otherwise provided by law. These other remedies may include punitive damages and treble damages where the broker is guilty of oppression, fraud, or malice.  Seniors are often reluctant to come forward either because they are embarrassed by what has happened to them or because they do not understand their rights under California law.  If you are a senior or the loved one of a senior who has been the victim of financial elder abuse, don’t hesitate to come forward.  The financial elder abuse attorneys at Evans Law Firm, Inc. can represent you from investigation and filing a complaint and through discovery and trial, mediation or arbitration (including FINRA arbitrations if required) and toward a resolution.

Contact Us

If you or a loved one been the victim of financial elder abuse or securities fraud whether in San Diego, Santa Clara County or anywhere in else California, contact California financial elder abuse attorney Ingrid Evans and the other Evans Law Firm financial elder abuse attorneys at (415) 441-8669, or by email at <a href=””></a>. Our attorneys have experience with all types of financial elder abuse, investment and securities fraud and annuity fraud. We can help guide your case through a bench or jury trial, through mediation or arbitration, including FINRA arbitrations, or toward an equitable settlement.  We handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.

[1] Evans Law Firm, Inc. was not involved in the San Diego case in any way.

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"We contacted Evans Law Firm when we were unable to collect on a Long-Term Life Insurance policy for an elderly family member. Ingrid responded almost immediately with an offer of a free consultation. I was immediately impressed with her passion for justice!!"
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