An Oxnard woman faces charges of insurance fraud involving an elderly Santa Barbara woman. According to police, the Oxnard woman along with a Santa Barbara resident targeted the victim for over 10 years.
Police say the victim had a multi-million dollar investment portfolio, which the two women convinced her to liquidate. The woman had previously received professional guidance on her investments from licensed investment professionals. The pair convinced the victim to replace her financial advisors with the Oxnard woman, who had no investment experience.
Between 2005 and 2015, the women advised the woman to purchase $3 million into two separate annuities. During that period, they also sold an additional two dozen annuities to her. The victim did not know about most of the additional annuities.
The women collected more than $1M in commissions on the annuity sales. In addition, the Oxnard woman collected nearly a half-million dollars in advisory fees during that time.
Authorities also allege that the women accepted thousand of dollars in cash gifts from the victim. Additionally, the victim gave one woman’s daughter $20,000 to study in China for a year. At the same time, the women took steps to restrict contact between the victim and her family.
The Oxnard woman did not disclose to the victim that she had previously filed for personal bankruptcy. She also did not indicate that the Federal Trade Commission had pursued a fraud action against her.
Investigators from the Department of Insurance became involved at the victim’s family’s request. Santa Barbara County prosecutors are trying the case. The Oxnard woman will return to court on June 3 in Santa Barbara for arraignment.
Oxnard Fraud Lawyer
When you face charges for fraudulent activity, hire an experienced fraud lawyer like Robert Helfend. Mr. Helfend has nearly 35 years of experience in criminal defense. He takes criminal cases in Ventura County and throughout Southern California.
Financial fraud convictions can have a ruinous effect on your life. That’s why you need professional, aggressive representation and counsel in court. Don’t rely on an inexperienced attorney when your freedom is at risk.
Contact Robert Helfend or call toll-free at (800) 834-6434, (805) 273-5611, (310) 456-3317 or (818) 591-2809 for an immediate consultation on your Ventura fraud case.
Photo Credit: Keith Cooper, via Flickr.com