Former insurance agent found guilty of scamming senior citizens
Former insurance agent found guilty of scamming senior citizens | Insurance Business America
Insurance News
Former insurance agent found guilty of scamming senior citizens
He targeted individuals whom he met through church
Insurance News
By
Mika Pangilinan
A former insurance agent from Camarillo, California has been found guilty of 29 felony charges, including grand theft, elder abuse, money laundering, and burglary.
Brett E. Lovett, 53, was arrested in 2017 after a 15-month investigation by the California Department of Insurance (CDI) revealed his involvement in a fraudulent scheme that led to losses $1.2 million.
According to the CDI, Lovett had defrauded at least nine individuals through a series of schemes conducted between 2011 and 2016. Several of the victims were senior citizens whom he met at a church in Carpinteria. He also targeted individuals who came to him seeking level advice through his legal aid information business.
These victims entrusted Lovett with funds intended for proposed investments or financial management purposes. However, he misappropriated the money for personal, as well as to repay some of his other victims.
There were also occasions when Lovett exploited his Power of Attorney and Promissory Notes to embezzle funds from his victims, according to the CDI.
Commenting on the case, California insurance commissioner Ricardo Lara acknowledged the work done by CDI investigators and the Santa Barbara County District Attorney’s Office in helping Lovett’s victims find justice.
Lovett has already been penalized for previous fraudulent activities. In 2007, the US Commodity Futures Trading Commission (CFTC) ordered him to pay over $675,900 in sanctions.
Similar to his recent scheme, Lovett had solicited funds from individuals he met through church. He told victims that the money would be for commodity futures trading, promising them high returns from low-risk investments.
Lovett’s license to transact insurance expired in 2000, the CDI said. He is set to return to court for sentencing on May 9, 2024.
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