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Jun 20, 2022 by |

San Francisco Financial Elder Abuse Attorney: Insurance Agent Pleads Guilty To Stealing $1,300,000 From Elderly Client


79-Year-Old Victim

Convinced Victim To Surrender Life Insurance And Annuities

Used Victim’s Money To Pay Off Other Defrauded Customers

All seniors are potential victims to various financial predators.  Financial predators on seniors include in-home caregivers, retirement planners, insurance agents and other salespeople, bankers, trustees, conservators, financial advisors, brokers, contractors, second spouses, stepchildren, girlfriends or boyfriends and anyone who holds a power of attorney for the senior.  The financial abuse may be straight out theft of cash or valuables or more complicated schemes involving life insurance, annuities, or re-arranging a senior’s estate plan or the terms of his or her trust or Will.  Whatever the form or amount, financial elder abuse is a crime and a basis for civil lawsuits to recover from the abuser.  See Cal. Penal Code § 368 and Cal. Welf. & Inst. Code § 15610.30 (definition of financial elder abuse for civil liability).  Evans Law Firm, Inc. represents seniors here in San Francisco and throughout California who suffer financial elder abuse at the hands of insurance agents, caregivers or others who have defrauded a senior or have misused their access to a senior’s money and taken money for themselves.  If you or an older loved one have been the victim of financial elder abuse call us today at (415)441-8669. Our toll-free number is 1-888-50EVANS (888-503-8267).

Insurance Agent Pleads Guilty To Theft From 79-Year-Old Client

In one recently reported case,[1] an insurance agent has pleaded guilty to plundering $1.3 million from an elderly client she claimed was a rich uncle to pay back nine other customers she had defrauded previously according to court records.  The agent admitted she had sidled up to the 79-year-old victim in 2019 in an effort to get him to transfer his life insurance and retirement accounts to her purportedly to invest in annuities, prosecutors said.  But, according to authorities, the agent never invested the money and directed the victim to send checks worth more than $1.3 million to her lawyer to be used to pay back nine other elderly clients she had embezzled from dating back to 2011.  “The defendant treated her clients’ annuities as her own personal bank, withdrawing thousands of dollars, sometimes on a weekly basis, whenever she fancied it,” prosecutors wrote in a sentencing memorandum in the earlier case.  According to prosecutors, the agent told her attorney that the later victim was a rich uncle who was helping her pay off her debts. She was indicted in the earlier scam in 2019 and has since pleaded guilty and been sentenced to 51 months in prison. She faces up to 20 years in the more recent case, prosecutors said.

Protecting Yourself And Older Loved Ones

Whenever a new financial advisor or insurance agent approaches you or an older loved one, always run a background check on the individual and the firm he or she claims to work for.  You may be able to spot earlier violations or charges brought against that individual. To safeguard your older loved one from financial abuse, review all financial records and bills continually.  Accompany older loved ones to any meetings they have with insurance agents, financial advisors, or planners.  Do not let them sign over any benefits or write any checks without your oversight.  Unscrupulous insurance agents, advisors and others prey on seniors quickly.  One meeting alone can be disastrous. Discourage them from attending free lunch seminars and other high-pressure sales gatherings.  Most importantly – never ever allow the senior to give a caregiver, insurance agent or advisor a Power of Attorney or a blank check.  If you suspect abuse, call elder law counsel to help you pursue all available remedies against anyone responsible for abuse, including an award of attorneys’ fees and costs for bringing your suit.

Contact Us

If you or someone you love is the victim of any type of financial elder abuse in San Francisco or elsewhere in California, call Ingrid M. Evans at Evans Law Firm, Inc. at (415) 441-8669, or by email at <a href=””></a>. Our toll-free number is 1-888-50EVANS (888-503-8267).

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

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