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December 5, 2008

Financial Elder Abuse: Insurance Agent Arrested on Suspected EA (Ca. USA)

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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DISCLAIMER

Any Charges Reported on this blog are Merely Accusations and the Defendants are Presumed Innocent Unless and Until Proven Guilty.

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