A Lodi, Calif. man has been arrested as a result of a joint investigation by the California Department of Insurance Investigations Bureau and the San Joaquin District Attorney’s Office.
John Blanton Breland, 52, surrendered to an investigator with the district attorney’s office earlier this week. He was charged with 11 felony counts consisting of theft from elder or dependent, grand theft, sales of unqualified securities, and false statements to sell securities.
He was booked into San Joaquin County Jail and bail was set at $300,000.
According to CDI investigators, Breland, an insurance agent, would solicit victims to either make an investment or purchase an annuity. He then would divert a portion or all of these monies for personal use. The San Joaquin County Superior Court petition alleges that Breland embezzled nearly $300,000.
According to investigators, Breland was attempting to recover from financial problems due to large gambling losses in casinos in Nevada and California. Breland, a life agent has appointments with several insurance companies.
CDI investigators have determined that his victims believed they held annuity contracts with USG Annuity and Life Company, Pacific Life Insurance Company, IL Annuity and Life Insurance Company and Life USA Insurance Company. As a result of Breland’s alleged fraudulent activities, the total loss to consumers is approximately $275,000.
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