November 29, 2016

Elder Financial Abuse: Don't Become a Victim

Sadly, Senior Citizens can be targeted by unscrupulous financial advisors and insurance agents. 

 Don't become a victim.

Former insurance agent Steven Branstetter, age 60, of Culver City, California recently pleaded guilty to embezzling $2.25 million from elderly clients over a period of nine years.  The clients thought their money was going into annuity, life insurance, and disability insurance policies, when it was actually going into Branstetter's pockets.

Yep, this went on for nine years before the criminal acts were uncovered.  And Branstetter was not even a licensed insurance agent for part of the time.  Read the California Department of Insurance press release about this crime and see Branstetter's mug shot here.

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7 comments:

  1. So a 60 year old guy scamming senior citizens.

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  2. Any idea how much of this goes on that is never found out?

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    Replies
    1. No, but I suspect many elder financial abuse cases go unreported, particularly when they involve family members. California does have a mandated reporting law for suspected elder abuse, but it only applies to mandated reporters and not to the public in general.

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  3. Any restitution to the scammed senior citizens?

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    Replies
    1. Not that I am currently aware of, but there may be separate civil litigation in the works. However, the question is if there is any money anywhere to recover for restitution.

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  4. Pretty easy to scam some people, unfortunately.

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  5. Probably a continuation of the past Trust Mill scam in which seniors were targeted for annuity sales.

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