- 14,809
Thought that title would grab your attention. The title says the agent was arrested for embezzlement. I guess I need to look up the definition because based on this article the money withdrawn from her CD went into an annuity contract.
If the funds were indeed used to purchase the annuity then this guy was actually arrested for an improper sale? Wow.
INSURANCE COMMISSIONER POIZNER ANNOUNCES LAKE COUNTY INSURANCE AGENT ARRESTED FOR ALLEGEDLY EMBEZZLING MONEY FROM A SENIOR
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California Insurance Commissioner Steve Poizner today announced the arrest of a Lake County insurance agent for allegedly embezzling money from a senior client. Glenn Neasham, 50, of Hidden Valley Lakes, was arrested on December 14.
"Insurance agents or brokers who steal from vulnerable seniors will not get away with their shameful tricks," said Commissioner Poizner. "CDI investigators will continue working to track down any unscrupulous agent who preys on California’s seniors."
An investigation conducted by the California Department of Insurance discovered that Neasham, doing business as Glenn Neasham Insurance Agency, sold a $175,000 annuity to an 83 year old woman on February 6, 2008. The victim obtained the funds to purchase the annuity by withdrawing her savings from a certificate of deposit. The investigation determined that the victim lacked the mental capacity to enter into this contract, and that the terms and conditions of the annuity contract were not in her best financial interest.
The Lake County District Attorney’s Office is prosecuting this case. If any person feels they have been a victim of Glenn Neasham, please contact the Department of Insurance at 707-751-2005.
Poizner oversees sixteen CDI Enforcement Branch regional offices throughout the state. Nearly 2,800 insurance fraud-related arrests have been made by CDI since Commissioner Poizner took office in 2007 - more arrests than have been made during any other three year period, under any previous insurance commissioner.
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Please visit the Department of Insurance Web site at California Department of Insurance. Non media inquiries should be directed to the Consumer Hotline at 800.927.HELP. Callers from out of state, please dial 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.
You can update or cancel your subscription at any time by clicking here. All you will need are your e-mail address and your password (if you have selected one).
This service is provided free of charge by: California Department of Insurance.
P.S. If you have any questions or problems please contact [email protected] for assistance.
If the funds were indeed used to purchase the annuity then this guy was actually arrested for an improper sale? Wow.
INSURANCE COMMISSIONER POIZNER ANNOUNCES LAKE COUNTY INSURANCE AGENT ARRESTED FOR ALLEGEDLY EMBEZZLING MONEY FROM A SENIOR
You are subscribed to Press Releases for the California Department of Insurance. You are receiving this email because new information has recently been released.
You can access the department's Communications Office Web page by clicking here.
California Insurance Commissioner Steve Poizner today announced the arrest of a Lake County insurance agent for allegedly embezzling money from a senior client. Glenn Neasham, 50, of Hidden Valley Lakes, was arrested on December 14.
"Insurance agents or brokers who steal from vulnerable seniors will not get away with their shameful tricks," said Commissioner Poizner. "CDI investigators will continue working to track down any unscrupulous agent who preys on California’s seniors."
An investigation conducted by the California Department of Insurance discovered that Neasham, doing business as Glenn Neasham Insurance Agency, sold a $175,000 annuity to an 83 year old woman on February 6, 2008. The victim obtained the funds to purchase the annuity by withdrawing her savings from a certificate of deposit. The investigation determined that the victim lacked the mental capacity to enter into this contract, and that the terms and conditions of the annuity contract were not in her best financial interest.
The Lake County District Attorney’s Office is prosecuting this case. If any person feels they have been a victim of Glenn Neasham, please contact the Department of Insurance at 707-751-2005.
Poizner oversees sixteen CDI Enforcement Branch regional offices throughout the state. Nearly 2,800 insurance fraud-related arrests have been made by CDI since Commissioner Poizner took office in 2007 - more arrests than have been made during any other three year period, under any previous insurance commissioner.
###
Please visit the Department of Insurance Web site at California Department of Insurance. Non media inquiries should be directed to the Consumer Hotline at 800.927.HELP. Callers from out of state, please dial 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.
You can update or cancel your subscription at any time by clicking here. All you will need are your e-mail address and your password (if you have selected one).
This service is provided free of charge by: California Department of Insurance.
P.S. If you have any questions or problems please contact [email protected] for assistance.