Insurance agent arrested on suspected elder abuse
The Associated Press
12/03/2008
ENCINO, Calif.
An Encino life insurance agent has been arrested for allegedly swindling an elderly millionaire into making him a beneficiary of her estate.
Donald Derieg is awaiting arraignment on felony charges of grand theft and elder financial abuse following a state insurance department investigation. He was arrested Tuesday and his arraignment on Wednesday was postponed.
The 49-year-old Derieg, a former financial adviser with Wachovia Securities, allegedly had a romantic relationship with the woman who in her late 80s.
Insurance Commissioner Steve Poizner says Derieg made medical and financial decisions for the woman and became a trustee and beneficiary of her estate.
When the woman died in 2007, he got $1.2 million, more than half her estate.
Wachovia later fired Derieg. He remains jailed on $520,000 bail.
Attempts to reach his defense attorney were not successful on Wednesday
SOURCE: San Jose Mercury News
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