Posted by (American Life Insurance Guide 08/20/2021 News)Robert Stoddard of San Clemente, 66, was formally arrested on the 20th on suspicion of stealing more than $14 million from 120 victims (18 elderly people).Currently, Stoddard is facing 51 felony prosecutions including theft, money laundering, insurance and securities violations.
Case introduction
Stoddard runs aInsurance agent brokerThe company name is The Stoddard Group, Inc.
The company is engaged in financial planning services, providinglife insuranceAndAnnuity Insurance.Lifetime trust, And investment advisory services.
California Insurance BureauThe survey found that between August 2012 and June 8, Stoddard Through investment and financial seminars, and retirement seminars, Attracting middle-aged and elderly people to participate.SubsequentlyUse various fraudulent methods to cultivate friendship with the victim’s family and gain the victim’s trust, And finally reached a plan to steal money.
Insurance premium "incentive money" fraud
Stoddard convinced the victim,He can get premium bonuses from insurance companies.If the victim pays premiums directly to him instead of directly to the insurance company, he can deposit these premium bonuses into the victim’s existing life insurance and/or annuity contract.
Subsequently, he did not insure the premium toAnnuity Insurance和life insuranceAt the same time, it also induces victims to participate in fraudulent real estate investments.
Stoddard forgedInsurance statement, Emails, and letters.This makes the policyholder feel that what he said is true.He occasionally paid the victim some return on investment, but then stopped.
Questions from policyholders and investors
When the victims questioned the lack of "where the promised money went", Stoddard told them that the real estate company had "closed" or there were problems with the tenants.
He also signed a promissory note to consolidate the victims’ confidence in their investment and alleviate their worries.In order to further delay the payment of their investment income or insurance incentives, Stoddard falsely claimed that his money was collected by different government agencies.
Case reminder
Stoddard was arrested on August 2021, 8, and his bail was initially set at $18 million.It was subsequently adjusted to "No Bail".Stoddard is scheduled to stand trial in Orange County Superior Court on September 100, 2021.The case is currently being prosecuted by the Major Fraud Division of the Orange County District Attorney's Office in California.
American Life Insurance Guide CommunityReminder, with the development of policies and regulations and digital payment, the premiums of American life insurance and annuity insurance are usually paid directly by the policyholder to the insurance company, or the policyholder authorizes the insurance company to directly deduct money from the account designated by the policyholder. Third party.
If you and your friends feel that you may be the victim of this type of insurance premium fraud, or you believe that you or your friends may be the victim of the Stoddard case, please call the California Insurance Department hotline713-712-7600. (End of full text)
(>>>Related reading:Investment annuity insurance?The state attorney general gives 7 must-read recommendations before buying）
(>>>Related reading:86-year-old man was "sold" annuity insurance, San Francisco policyholder received settlement compensation）
