On Jun. 22, CA INS acted on insurance agent for elderly fraud.
- Mark Malatesta was charged in Mar. 2018 and pleaded guilty to 23 felony counts.
- Department of Insurance detectives arrested, in $1.6mn fraud scheme of elderly.
- Falsified information on annuity applications, made $135k in illegal commissions.
- Convinced senior victims to terminate investment, lost $45k surrender penalties.
- Then sold them new annuities, for which they did not qualify due to senior ages.
- insurers canceled the fraudulent investments, once discovered false information.
- Defendant was sentenced to five years of formal probation, repay total of $281k.
- Pay restitution of $110k to his elderly victims, and $171k to insurance company.
- Revoked insurance license, no longer allowed to work within finance or insurance.