Former insurance agent found guilty of defrauding seniors | Insurance business America
He targeted people he met through church
Insurance News
By Mika Pangilinan
A former insurance agent from Camarillo, California, has been found guilty of 29 crimes, including grand theft, elder abuse, money laundering and burglary.
Brett E. Lovett, 53, was arrested in 2017 after a 15-month investigation by the California Department of Insurance (CDI) uncovered his involvement in a fraudulent scheme that resulted in $1.2 million in losses.
According to the CDI, Lovett defrauded at least nine people through a series of schemes between 2011 and 2016. Several of the victims were seniors he met at a church in Carpinteria. He also targeted people who came to him for equivalent advice through his legal aid information business.
These victims entrusted Lovett with funds intended for planned investments or financial management purposes. However, he misused the money for personal purposes and to pay back some of his other victims.
According to CDI, there were also cases in which Lovett used his power of attorney and promissory notes to embezzle funds from his victims.
Commenting on the case, California Insurance Commissioner Ricardo Lara praised the work of CDI investigators and the Santa Barbara County District Attorney’s Office in helping Lovett’s victims find justice.
Lovett has already been punished for previous fraudulent activities. In 2007, the U.S. Commodity Futures Trading Commission (CFTC) ordered him to pay over $675,900 in sanctions.
Similar to his most recent scheme, Lovett had solicited funds from people he met through the church. He told victims that the money was intended for commodity futures trading and promised them high returns on low-risk investments.
Lovett’s license to write insurance expired in 2000, the CDI said. He is scheduled to return to court for sentencing on May 9, 2024.
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2024-03-28 10:30:00
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