Raymond Joseph Dohse, 48, of El Cajon, pled guilty to two felony counts of theft from an elder, the California Department of Insurance reported.
According to CDI, in October 2007, Dohse, then a life insurance agent, persuaded a senior to invest $50,000 into a fraudulent life settlement investment he had created. Dohse guaranteed the senior a twenty percent return on her investment over the next two years. Instead of investing the funds, he allegedly kept the money for personal use.
In March 2008, the senior’s children discovered the investment and requested that Dohse return the $50,000 to their mother. The adult children also reported the investment to the California Department of Insurance. Investigators immediately launched an investigation into the matter.
In April 2008, Dohse persuaded another senior to invest in his fraudulent scheme. Dohse accepted $45,000 from this senior and diverted these funds for personal use. He allegedly used a portion of these funds to repay the senior whose children had requested a return of the investment.
The San Diego District Attorney’s Office is prosecuting this case. Dohse is scheduled to be sentenced on August 20.
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