December 15, 2009
Donald Martin Steffensen, 70, of Saint George, Utah, has been arrested by California Department of Insurance (CDI) investigators and members of the Madera County District Attorney's Office after he was returned to the United States from the Republic of the Philippines to face 38 felony counts of grand theft and financial elder abuse.
According to CDI, Steffensen had been licensed as a non-residence life insurance agent but his license was revoked in Aug. 2006 after a CDI investigation revealed that his unethical investment advice had caused a partially disabled senior citizen to lose $165,000.
Subsequent to the revocation, CDI learned that Steffensen had used his position of trust as a life agent for a senior citizen (now deceased) to embezzle and convert for his own use more than $270,000 from an annuity owned by the senior. This crime occurred from 2002 to 2005 and some of the annuity distributions were allegedly stolen by Steffensen after his victim had passed away.
The Madera County District Attorney filed 38 felony counts of grand theft and financial elder abuse against Steffensen in April 2008.
Abridged
SOURCE: Claims Journal.Com
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