Posted by (American Life Insurance Guide 09/21/2019 Irvine) — 37-year-old California Brea resident Joseph Ramiro Garcia (hereinafter: Garcia), becauseSuspected of felony theft, fraud, assault and theft of elderly propertyWas arrested on the 19th.
(Joseph Ramiro Garcia, image courtesy of California Insurance Bureau)
Garcia allegedly submitted fraudulent life insurance applications to earn withholding commissions and misappropriated $18 from 590,000 different victims.
TransAmerica's complaint triggers investigation
Trans America(American Life）A complaint was filed with the California Insurance Bureau, and with the in-depth investigation of the Bureau of Insurance Investigations, it revealed this abominable fraud and embezzlement of other people's money.
Between 2014 and January 2015, Garcia gave Trans America(American Life）Submitted 7 fraudulent life insurance policy applications, TransAmerica (National Life Insurance)A commission of more than $50,000 was paid to World Financial Group, a superior broker management agency, and Garcia received approximately $20,382 of which.
In all life insurance applications, the same bank information is used for the payment of premiums, which allows unauthorised deductions from the bank accounts of unrelated policyholders.
These oneslife insuranceThe application case also involves the privacy of the applicant’s personal identification information, including social security numbers, contact information, and forged driver’s licenses.
Gain trust and financial information by helping with tax filing
After executing multiple bank search warrants, investigators of the Insurance Bureau realized thatThe victims got into a scam from the moment Garcia helped them file their taxes..After gaining the trust of his clients, Garcia persuaded them to transfer the money from his retirement account to another account controlled by his two companies.
The two companies are:
- Building Bridges Financial Firm LLC
- VOS Financial LLC
從2014年2月到2018年2月，加西亞宣稱自己是理財顧問，從18名不同的受害者手中挪用了接近$60萬美元。
Most of the victims are close "friends"
The victim did not realize that his money was not used as planned.Most of the stolen funds came from the victim's IRA individual retirement account or 401(k) retirement account. The funds in these accounts were transferred to another independent financial institution, but the entire Rollover process was not correct.
Another small part of the misappropriated funds came from personal checks that Garcia negotiated with clients.The annuity account of a victim was liquidated by the system without her knowledge.
Due to the incorrect withdrawal of pensions, although the victims have no knowledge, some victims also face fines from the Internal Revenue Service for premature withdrawals. The vast majority of the victims are "friends" who have a close relationship with Garcia.At the time of this case, the three victims were already 65 years old.
The investigation found that most of the stolen funds were deposited in Garcia’s bank account and used for personal expenses such as designer clothing, Disneyland passes, hotels and travel.When it is discovered that funds have been stolen, Garcia will return the money to some victims and set up investment accounts for these people procrastinated to cover up his behavior.
LACPP plan to protect the rights and interests of California policyholders
GarciaLife Insurance LicenseHe was immediately revoked and taken to the Orange County Jail for trial. The bail was set at $60.The Orange County Attorney's Office is prosecuting the case under the "Life Insurance and Annuity Consumer Protection Program" (LACPP).
The "Life Insurance and Annuity Consumer Protection Plan" (LACPP) was promulgated in 2004 to curb the rapid increase in life insurance and annuity financial abuse cases (especially for the elderly).
If you think you are a related person in the case or involved in a related case, please call the California Insurance Bureau Service Hotline: 800-924-4357 to give feedback, or visit the State Insurance Bureau website for online communication.
(American Life Insurance Guide Report)
