OC Insurance Agent Arrested After Scheming the Elderly Over $1.6 Million
On March 12th, 2018, 55-yr old Mark Malatesta was arrested under 16 counts of felony. All charges were in correlation with a $1.6 million-dollar fraudulent scheme that attacked many of our elders in Southern California.
Charges
Malatesta has faced seven counts of insurance fraud, six counts of residential burglary, two counts of financial elder abuse, as well as one count of grand theft. Malatesta’s amount of theft upon the seniors he worked with has added up to a whopping $1,616,897 in damages.
White-Collar Felon
Given Malatesta’s background, such charges have left him at a point where his crimes were considered of a white-collar crime. Officials conducted an investigation on the former Orange County insurance agent that later unraveled his senior schemes. Malatesta targeted seniors and convinced them to terminate their investments, such investments amounted to $45,000 surrender penalties. After convincing the seniors to terminate their investments, Mark would then sell the seniors investments that they aren’t even qualified for (given their age). Following the investigation, Mark Malatesta’s insurance license was suspended.
Using Falsified Information
All the schemes and fraudulent investments were brought to a complete stop once insurers caught sight of all the false information provided by Malatesta. The California Department of Insurance later noted that the money obtained by Malatestas’ schemes were properly returned to the victims.
“Increasingly we are uncovering financial scams that target seniors,” said Insurance Commissioner Dave Jones. “These crimes are reprehensible and we will continue to work with our district attorney partners to aggressively investigate and prosecute anyone who targets seniors.”
SOURCE: www.insurance.ca.gov
Currently, Mark Malatesta’s case is being prosecuted at the Orange County District Attorney’s Office.
Considering Annuities for Seniors
Annuities are often aggressively marketed to the elderly by people who don’t necessarily have your interests at heart. In some cases, Annuities are unnecessary to obtain for these elder individuals. Before jumping into any final insurance or investment, be sure to first read through the California Department of Insurance’s Annuity guide for seniors. For more information on schemes and warnings, check out the department’s dedicated page, “Senior Alerts and Events.”
Defending Your Rights from Insurance Fraud
Were you, or someone you love, the victim of a negligent insurer? If so, contact our firm immediately. Here, our successful legal team can help answer any questions you may have, as well as help guide you through your legal process.
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Media Contact: Jesamine De Leon
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