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Oct 9, 2019 by |

San Francisco and California Financial Elder Abuse Attorneys: Financial Elder Abuse By Insurance Agents


How Insurance Agents Financially Exploit Seniors

California Insurance Department Detectives Arrests

Unscrupulous insurance agents, financial advisors and trustees target vulnerable seniors for financial elder abuse. Sometimes law enforcement catches up with them fortunately. Recently, Detectives with the California Insurance Department arrested an insurance agent and a financial advisor charged with extreme financial elder abuse of an 89-year-old woman.[1]  According to officials, the agent and advisor sold their victim 25 annuities over a two-year period, and pocketed $1.4 million in commissions and fees.  The San Francisco financial elder abuse lawyers at Evans Law Firm, Inc. represent clients harmed by insurance agents, financial advisors, caregivers, trustees and others who financially exploit seniors.  If you or a senior loved one has been the victim of financial elder abuse, contact our attorneys today at (415) 441-8669 and we can help. 

According to the charges, the two defendants persuaded the elderly woman to leave the licensed professionals who had been managing her estate, liquidate her entire portfolio, and invest in annuities producing commissions and fees for themselves.  To implement their scheme, the agent and advisor (who also acted as the elderly woman’s trustee) allegedly isolated the victim from family and friends, making her rely on them to handle her daily needs.  In addition to the commissions and fees the two pocketed, investigators say defendants received tens of thousands of dollars in cash gifts from their victim and the use of her luxury automobile.  Defendants also convinced the victim to pay education expenses for the advisor/trustee’s children, including $20,000 for one daughter to spend a year studying in China, according to the criminal complaint. According to officials, the advisor/trustee had no prior experience as a fiduciary or attorney-in-fact. She also allegedly failed to disclose to the victim that she had declared personal bankruptcy, been sued for fraud by the Federal Trade Commission, and was in a romantic relationship with her co-defendant insurance agent.

The case illustrates just how insidious financial elder abuse can be when strangers win the trust of an elderly person and go after their money. Our litigators have experience with cases involving financial elder abuse of this magnitude and worse. We know the legal standards of conduct expected of insurance agents, advisors and trustees under California law.  We fight for justice for injured seniors and pursue all available remedies against all responsible parties.  California law provides restitution, extra damages, and awards of attorneys’ fees and costs incurred in bringing a successful action for financial elder abuse.  Our lawyers can help you get those remedies if you’ve been financially exploited.

Contact Us

If you are the victim of wrongdoing by an insurance agent, financial advisor, caregiver, trustee, or other persons in San Francisco or elsewhere in California, contact Ingrid M. Evans and our other financial elder abuse and annuities attorneys at (415) 441-8669, or by email at <a href=””></a>. Our attorneys have experience with complex securities cases, arbitrations, and mediations; and complicated financial contracts and large insurance companies.  We can help guide your case through a jury trial or toward an equitable settlement.  We also handle cases involving physical and financial elder abuse, other types of qui tam and whistleblower cases, 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 case in any way.

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