A network of insurance agents is under investigation for allegedly taking more than $1 million from 200 Southern California senior citizens, according to a Los Angeles Times report. The alleged scam involved the sale of nine-month promissory notes through a variety of companies.
Simi Valley seniors lost at least $580,000, according to the report. The agents reportedly cold-called seniors, asking to review their living trusts in order to see their assets. They then offered 10 to 15 percent returns over a nine-month period.
Some seniors received a few interest payments, according to the L.A. Times, but none received all interest promised, nor their principal investment back. Most of the seniors involved invested their money in 1998 and 1999. In addition to investigating the agents, the state attorney general’s office is also investigating the companies involved.
Was this article valuable?
Here are more articles you may enjoy.
Marine Insurers Cancel War Risk Cover as Iran Conflict Escalates 
How State Farm, USAA Boost Customer Retention: Historic Dividends 
Kyle Busch and Wife Settle Lawsuit With Pacific Life and Insurance Agent 
Georgia Insurance Law Is About to Get an Upgrade With Multiple Changes From This Issue
