Securities fraud charge trips unlicensed agent
Securities fraud charge trips unlicensed agent
The California Department of Insurance announced the conviction of an unlicensed insurance agent for securities fraud and insurance fraud.

According to CDI investigators, the man cheated at least 10 victims out of more than $100,000. Investigators say the man sold phony insurance policies and investments to victims. Victims discovered the fraud when they attempted to make a claim on one of the phony policies.

The man pleaded guilty to two counts of securities fraud, one count of grand theft and an aggravated white collar enhancement. A California company attempted to file a worker’s compensation claim for an injured employee, and discovered it had no coverage. Another company separately discovered that its worker’s compensation policy was non-existent. Both companies filed complaints with the California Department of Insurance.

The man sold policies to the victims and collected premiums, but never initiated insurance coverage. After leaving the insurance agency where he worked, the man continued to sell fake insurance policies using a fake corporation that he established in Nevada.

After collecting premiums, the man issued fake insurance certificates. Investigators say that the man used at least $20,000 in premiums he collected to pay for his own expenses. In addition, he posed as a registered stock broker and collected $80,000 from investors. He was not a licensed broker, and never invested the money on their behalf.

Securities fraud lawyer

When you face securities fraud charges, hire an experienced securities fraud lawyer like Robert Helfend. Mr. Helfend has more than 30 years of courtroom criminal defense experience. He fights aggressively for his clients.

His first priority will be to get the charges against you reduced or dropped. When that isn’t possible, he will work toward the best possible resolution for your case. Mr. Helfend manages each case he takes personally, so you will work directly with him on your defense.

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 County securities fraud case.
Photo Credit: Kevin Lablanco, via

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