You mess with seniors and their money in California and you're going to pay with some jail time, even if you are a senior agent.
Senior Alvin Leroy Black sold 7 annuity policies to his 80 year old victim over a 3 year period between July 2001 and August 2004. Black was aged 64-67 during the relevant time period. Total deposits were $1,535,000 and Black, who pled guilty to grand theft, was accused of not fully disclosing the terms of the annuities and without the client's full understanding of what she was purchasing. Black earned $87,336 in commissions for transacting the annuities, according to a statement of the California Department of Insurance on August 31, 2012.
In March 2003, Black formed a California non-profit corporation, in the name of the victim, without the knowledge or consent of the victim. Black had the victim sign documents to change the beneficiary and the ownership of all her annuities to the foundation without her knowledge of what she was signing. Black submitted the change of ownership forms and change of beneficiary forms to the insurance company also without her knowledge or consent. Black eventually cashed three of the policies for a total amount of $224,703.89, causing the victim to incur surrender charges of over $26,919.74 as well as income tax liabilities. Black received and deposited the money into the foundation's bank account and used the funds for his personal gain. The victim was never given access to the foundation's bank account.
Hit the Road Black
And Dontcha Come Back No Mo No Mo
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