A Los Angeles area insurance agent accused of defrauding senior citizens will spend five years in jail and was ordered by the court to pay $1.2 million to compensate his victims.
A Los Angeles area insurance agent accused of defrauding senior citizens was sentenced to five years in jail and ordered by the court to pay $1.2 million to compensate his victims. He will serve his lockup time at the Los Angeles County Jail. He was accused of participating in a Ponzi scheme that targeted senior citizens in Los Angeles and surrounding areas. California financial elder abuse attorneys are glad he will be spending time in jail.
In 2012 the Attorney General’s Office filed a criminal complaint against the defendant in this case alleging 57 felony counts. The defendant, Michael Zuniga, was arrested in June of 2012. It was alleged that the defendant and his accomplices defrauded senior citizens, mostly from the latino community. The Ponzi scheme was described by prosecutors as sophisticated and highly organized. California financial elder abuse attorneys warn the public to be watchful for fraud.
According to the California Insurance Commissioner, the defendant in this case was a licensed insurance agent who used his position to defraud seniors. He owned a business in Los Angeles called the Omega Investment Group. Investigation was conducted by the California Department of Insurance and the California Department of Justice. The defendant and his accomplices allegedly conducted the fraud by soliciting seniors in their homes. The defendant issued more than $1.3 million in fraudulent securities. Among the 57 felony counts were charges for securities fraud, elder abuse, burglary and conspiracy, and grand theft. There were 18 senior victims identified through the investigation.
The defendant helped his victims to refinance their homes in order to invest in his scheme. He represented that Omega Investment Group was a successful business specializing in the buying and selling of foreclosed properties. He promised senior investors a 15 percent return on their money. Investigators discovered that Omega Investment Group had not purchased any property for several years and was not a profitable company. The defendant and his accomplices allegedly diverted investor funds for their personal use. California financial elder abuse attorneys are glad that this fraud has been identified and shut down.
ABOUT THE AUTHOR: Evans Law Firm, Inc.
Ms. Evans is with Evans Law Firm, Inc. in San Francisco and practices in the area of consumer fraud, insurance and elder financial and physical abuse cases, as well as toxic torts. Ms. Evans has represented public entities in private attorney general actions, has extensive experience in complex civil cases and was undefeated in jury trials as a former deputy city attorney in San Francisco. Ms. Evans serves on the Board of Directors for Consumer Attorneys of California and is the first Chair of the Womens’ Caucus. She also serves on the Board of Governors for Public Justice, and the American Association for Justice (formerly ATLA) and is Co-Chair of the Class Action Litigation Group for AAJ.
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In 2012 the Attorney General’s Office filed a criminal complaint against the defendant in this case alleging 57 felony counts. The defendant, Michael Zuniga, was arrested in June of 2012. It was alleged that the defendant and his accomplices defrauded senior citizens, mostly from the latino community. The Ponzi scheme was described by prosecutors as sophisticated and highly organized. California financial elder abuse attorneys warn the public to be watchful for fraud.
According to the California Insurance Commissioner, the defendant in this case was a licensed insurance agent who used his position to defraud seniors. He owned a business in Los Angeles called the Omega Investment Group. Investigation was conducted by the California Department of Insurance and the California Department of Justice. The defendant and his accomplices allegedly conducted the fraud by soliciting seniors in their homes. The defendant issued more than $1.3 million in fraudulent securities. Among the 57 felony counts were charges for securities fraud, elder abuse, burglary and conspiracy, and grand theft. There were 18 senior victims identified through the investigation.
The defendant helped his victims to refinance their homes in order to invest in his scheme. He represented that Omega Investment Group was a successful business specializing in the buying and selling of foreclosed properties. He promised senior investors a 15 percent return on their money. Investigators discovered that Omega Investment Group had not purchased any property for several years and was not a profitable company. The defendant and his accomplices allegedly diverted investor funds for their personal use. California financial elder abuse attorneys are glad that this fraud has been identified and shut down.
ABOUT THE AUTHOR: Evans Law Firm, Inc.
Ms. Evans is with Evans Law Firm, Inc. in San Francisco and practices in the area of consumer fraud, insurance and elder financial and physical abuse cases, as well as toxic torts. Ms. Evans has represented public entities in private attorney general actions, has extensive experience in complex civil cases and was undefeated in jury trials as a former deputy city attorney in San Francisco. Ms. Evans serves on the Board of Directors for Consumer Attorneys of California and is the first Chair of the Womens’ Caucus. She also serves on the Board of Governors for Public Justice, and the American Association for Justice (formerly ATLA) and is Co-Chair of the Class Action Litigation Group for AAJ.
Copyright The Evans Law Firm - Google+
More information about The Evans Law Firm
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