Arraignment Of Life Insurance Agent On Felony Charges Of Elder Financial Abuse

insurance.ca.gov, Nov 02, 2006

Insurance Commissioner John Garamendi announced today the arraignment of insurance agent Edward Michael Ybarra, 42, of San Diego on three felony counts of financial elder abuse, grand theft, and using false statements in the sale of a security.

The August 31 arraignment followed a two-month investigation by the California Department of Insurance's (CDI) Investigation Division. Investigators said that Ybarra collected $110,000 from his 78 year-old client for insurance investment purposes, but $70,000 of that was diverted for Ybarra’s personal use.

“There are few crimes more heinous than taking advantage of a senior to cheat them out of their life savings,” said Commissioner Garamendi. “My Department is steadfast in its commitment to root out senior fraud and make sure that those who are convicted receive the toughest penalties possible.” Read more at ca.gov