Former insurance coverage agent discovered responsible of scamming senior residents

A former insurance coverage agent from Camarillo, California has been discovered responsible of 29 felony prices, together with grand theft, elder abuse, cash laundering, and housebreaking.

Brett E. Lovett, 53, was arrested in 2017 after a 15-month investigation by the California Division of Insurance coverage (CDI) revealed his involvement in a fraudulent scheme that led to losses $1.2 million.

In line with the CDI, Lovett had defrauded at the very least 9 people by way of a sequence of schemes performed between 2011 and 2016. A number of of the victims had been senior residents whom he met at a church in Carpinteria. He additionally focused people who got here to him looking for stage recommendation by way of his authorized assist info enterprise.

These victims entrusted Lovett with funds supposed for proposed investments or monetary administration functions. Nevertheless, he misappropriated the cash for private, in addition to to repay a few of his different victims.

There have been additionally events when Lovett exploited his Energy of Legal professional and Promissory Notes to embezzle funds from his victims, in line with the CDI.

Commenting on the case, California insurance coverage commissioner Ricardo Lara acknowledged the work finished by CDI investigators and the Santa Barbara County District Legal professional’s Workplace in serving to Lovett’s victims discover justice.

Lovett has already been penalized for earlier fraudulent actions. In 2007, the US Commodity Futures Buying and selling Fee (CFTC) ordered him to pay over $675,900 in sanctions.

Much like his current scheme, Lovett had solicited funds from people he met by way of church. He instructed victims that the cash could be for commodity futures buying and selling, promising them excessive returns from low-risk investments.

Lovett’s license to transact insurance coverage expired in 2000, the CDI stated. He’s set to return to courtroom for sentencing on Could 9, 2024.

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