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| | Former Orange County Life Insurance Agent, Brian Jared Smart, Sentenced To 15 Years For Elder Financial Abuse By Lonce Lamonte and the California Department of Insurance - June 21, 2018
Agent scammed at least five elderly victims out of over $1.8 million.
Brian Jared Smart, 41, a former life insurance agent who did business in Orange County, California, pleaded guilty to a dozen felony counts of theft after stealing over $1.8 million from at least five elderly clients. Smart was sentenced to 15 years in state prison and ordered to pay $1,810,508 in restitution to his victims.
"Smart's crimes are reprehensible and egregious,” said Insurance Commissioner Dave Jones. "Smart gained his clients' trust in order to access their money and then heartlessly stole from them over a period of years. Thanks to the hard work of investigators at the Department of Insurance and the Orange County District Attorney's office, his victims have justice."
In 2008, the California Department of Insurance (CDI) Investigation Division received a request for assistance involving an elderly victim whose monthly interest and dividend payments had ceased.
The elderly victim trusted Smart to manage her money with promises that she would receive payments to meet her monthly living expenses. Not only had her payments stopped, Smart also did not provide legitimate records documenting what he did with the victim's money.
An investigation revealed that from 2005 to 2006, Smart, doing business as AIM/Smart and Smart Assets, LLC in Orange County, represented to his clients he would manage their money by investing in insurance annuities and other safe investments.
The investigation revealed Smart diverted more than $1,810,508 from five elderly victims into his own bank accounts and personal investments without their knowledge or approval. In 2006, Smart moved to Utah but continued to provide updates to his victims indicating their money was safe, earning interest, and issued some victims periodic interest or dividend payments.
By 2008, Smart stopped paying interest or dividends and did not comply with his victims' demands for the return of their money. Bank records show that Smart used the money to pay for personal living expenses and also invested in other high-risk investments on his own behalf. In September 2012, after a felony complaint was filed by the Orange County District Attorney, Smart was arrested by police in Lehi, Utah and extradited to Orange County by Investigators from CDI, Investigation Division's Criminal Operations - Point of Sale (COPS) Team.
Smart's life agent license was valid from August 17, 1999 to August 31, 2007, when it lapsed and was not renewed. This case was prosecuted by the Orange County District Attorney, under CDI's Life and Annuity Consumer Protection program (LACPP) which provides grant funds for the prosecution of financial abuse in life insurance and annuity transactions.
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Lonce Lamonte and the news release of June 21, 2018 from the California Department of Insurance - www.insurance.ca.gov |