A Lake County, Calif., insurance agent has been arrested for allegedly embezzling money from a senior client, the California Department of Insurance reported. Glenn Neasham of Hidden Valley Lakes, Calif., was arrested on December 14
An investigation conducted by the California Department of Insurance discovered that Neasham, doing business as Glenn Neasham Insurance Agency, sold a $175,000 annuity to an 83-year-old woman on Feb. 6, 2008. The victim obtained the funds to purchase the annuity by withdrawing her savings from a certificate of deposit. The investigation determined that the victim lacked the mental capacity to enter into this contract, and that the terms and conditions of the annuity contract were not in her best financial interest.
The Lake County District Attorney’s Office is prosecuting this case.
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