News Main Page

Email A Friend

More News

April 15, 2024
Colorado Worker Shows Head Injury Happened as a Consequence of a Knock on the Head at Work

April 4, 2024
Callfornia Division of Workers' Compensation Pharmacy and Therapeutics Committee Meeting Scheduled for April 17, 2024

April 3, 2024
California Division of Workers' Compensation Posts Adjustments to Official Medical Fee Schedule (DMEPOS)

April 2, 2024
California Division of Workers' Compensation Posts Adjustments to Official Medical Fee Schedule for Pathology and Clinical Laboratory

The Preliminary Hearing for a former insurance producer, Jimmy Ernesto Caballero, Jr., also known as Jaime Caballero, Jr., will be held in the Los Angeles downtown Criminal Courthouse at 210 W. Temple Street on January 3, 2017. 

The department handling the hearing has not yet been announced.  However, on the rotating electronic board of Clara Shortridge Foltz Criminal Justice Center on the ground floor, just in front of the cafeteria entrance, all the defendants with hearings that day and the departments in which they are being heard are listed on this rotating electronic board.  Most court rooms open at 8:30 am.

The 35 year-old Caballero, who worked as an investment banker, befriended an 87-year-old woman whose husband had recently died. Caballero convinced the woman, who suffered from dementia, to cash in her annuity totaling $319,006 and place the funds under her personal account.  He then transferred the funds to a different financial institution into a joint account with his name, and used the money to pay off personal expenses including his car loan, real estate, and retail vendor purchases.

Jimmy Caballero surrendered to the court early last week on a felony charge of theft upon an elder. The California Department of Insurance launched an investigation following notice from the Financial Industry Regulatory Authority (FINRA) that Caballero was permanently barred from any association with any member of the FINRA in any capacity. 

"Vulnerable consumers, including seniors, depend on the financial advice of agents and brokers to offer guidance when investing in insurance products and dealing with annuities," said Insurance Commissioner Dave Jones. "When we find that a licensee has committed fraud, or committed theft, we will take every action available to investigate the matter fully, revoke their license and pursue criminal charges when appropriate."

The bank Caballero worked for discovered the financial abuse and immediately terminated his employment. The victim lost approximately $298,000, but was made whole when the financial institution offered financial restitution.

Caballero’s insurance license was revoked by the California Department of Insurance on February 22, 2014.

lonce@adjustercom.com; Lonce LaMon, journalist; in conjunction with the California Department of Insurance's News Release dated December 22, 2016.  www.insurance.ca.gov