Investigators from the Washington insurance commissioner’s office on have arrested a King County woman on suspicion of stealing more than $1 million in retirement funds from five elderly insurance clients.
Jasmine Jamrus-Kassim of Kent, Wash., was arrested in Factoria by members of the insurance commissioner’s Special Investigations Unit and the State Patrol. She was booked into the King County Jail on 21 counts of first-degree theft.
A months-long investigation by Kreidler’s office found that several of Jamrus-Kassim’s clients repeatedly cashed out large portions of their annuities with Bankers Life and Casualty. Jamrus-Kassim was an agent for the insurer.
The victims, who ranged from age 74 to 90, typically made out their checks to “S.A. Saad” and gave them to Jamrus-Kassim. Several said they believed that S.A. Saad was an insurance company official. They thought their money was being reinvested.
In reality, Jamrus-Kassim has two daughters, both with the initials and surname “S.A. Saad.” Most of the money was deposited briefly in the girls’ accounts, then moved to Kassim’s personal credit union account. Jamrus-Kassim’s financial records show thousands of dollars spent on clothes, jewelry, and a trip to Mexico. They also show large payments to online psychic advisors, including $20,000 in charges from one psychic website in one month.
In total, Jamrus-Kassim is believed to have stolen at least $1 million from the five victims between late 2007 and late 2009. She returned $25,503 to a 90-year-old Renton woman after the woman complained to the insurance commissioner’s office. That’s one of two complaints that triggered the state investigation.
Jamrus-Kassim submitted a letter of resignation to Bankers Life on Jan. 13, 2010.
Subsequent investigation by state insurance officials found three other victims. Last week, investigators interviewed an 83-year-old Seattle man who had no idea that Jamrus-Kassim had taken his $352,000.
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