Southern California Broker Sentenced for Stealing

October 13, 2009

Former insurance agent and San Diego County resident Lynn Flanagan, 60, was sentenced to serve 180 days in jail and pay more than $100,000 in restitution for stealing from clients, the California Department of Insurance said yesterday.

“It never pays to steal money from clients,” said Insurance Commissioner Steve Poizner, in a prepared statement.

According to investigators, between April 2004 and March 2005, Flanagan collected $102,452.89 from four clients, three of whom were senior citizens. Flanagan issued phony insurance documents to the clients, leading them to believe they had legitimate annuities. The clients subsequently discovered the investment company never received their money. A review of bank records showed the funds received from clients were placed in Flanagan’s bank account and never remitted to the company.

On April 20, 2007, an arrest warrant was issued for Flanagan. In July 2009, Flanagan was located in
Maryland , extradited back to San Diego and booked in county jail. On August 19, 2009, Flanagan pled guilty in San Diego Superior Court to two felonies – grand theft from an elder and residential burglary. Flanagan was sentenced on September 21, 2009.

This case was prosecuted by the San Diego County District Attorney’s Office.

Topics California Agencies Fraud

Was this article valuable?

Here are more articles you may enjoy.