Former California Agent Allegedly Stole $1.2M from Elderly Consumers

Formerly licensed insurance agent Robert Stoddard, 66, of San Clemente, Calif., was arrested this week after a California Department of Insurance investigation found he allegedly stole $1.2 million from more than 20 victims, including 14 seniors.

Stoddard is being charged with 51 felony counts of grand theft, elder abuse, money laundering, securities violations and aggravated white-collar crime enhancements.

Stoddard owned and operated insurance agency The Stoddard Group Inc., which also offered living trusts and investment advice. The CDI investigation reportedly revealed that between August 2012 and June 2018, Stoddard conducted investment and retirement related seminars that targeted senior citizens and used various schemes to fraudulently gain victims’ trust and cultivate friendships to steal money from them.

Stoddard reportedly led victims to believe he obtained bonuses from insurance companies that he could apply to their existing life policies and/or annuity contracts if they paid their premiums directly to him, rather than to the insurance company. He then reportedly failed to place the annuity and life insurance policies and also induced his victims into a fraudulent real estate investment scheme.

Stoddard allegedly forged insurance statements, emails, and letters, which led victims to believe the information he relayed to them was true. He would occasionally pay a few investment returns to victims, but those were later halted, according to the CDI.

When victims questioned the lack of promised funds, Stoddard reportedly told them the real estate ventures were “defunct” or there were problems with tenants. He also reportedly signed promissory notes to cement victims’ confidence in their investments and mitigate their concerns. To further delay payment of their investments or insurance policy bonuses, Stoddard falsely claimed his funds were levied by different governmental agencies, according to the CDI.

Stoddard was arrested on August 18, and his bail was originally set at $1 million. However, after being taking into custody, his bail was increased to a “no bail” hold due to a previous unrelated financial elder abuse case. Stoddard is scheduled to be arraigned on Sept. 15 in Orange Superior Court. A bail review hearing is also scheduled for that same day.

The case is being prosecuted by the Major Fraud Unit of the Orange County District Attorney’s office.

Topics California Agencies