The following report dated 11/5/04 reports how
a Primerica RVP ripped off senior citizens. The
RVP was caught up to in Florida and Primerica
was forced to make reimbursement.
Former Primerica exec convicted of bilking senior
A one-time regional vice president at Primerica Financial Services has pleaded guilty to felony grand theft following a California Department of Insurance investigation.
Herbert Amos Jones of Bethel Island was sentenced to the 44 days he served in county jail and ordered to pay $25,000 in restitution to Primerica, which had already reimbursed victims for their losses.
"This case reflects the growing problem of financial elder abuse," said Insurance Commissioner John Garamendi in a statement released to the media on Friday. "California insurance agents and brokers are put on notice that preying on senior citizens' hard earned - and usually very necessary funds - will not be tolerated."
Jones was arrested in Florida in September and extradited to California for prosecution by the Contra Costa County District Attorney's Office.
The department's investigation had found that Jones, who surrendered his insurance license when he fled California, convinced a 69-year-old woman and her 38-year-old daughter to invest $25,000 with him. Jones diverted the mother-daughter funds, failed to secure valid proof of the investments, then submitted incomplete, falsified documents to the daughter in an effort to hide the crime, the department said. The investigation also showed that the daughter's U.S Postal Service pension plan was cleaned out, causing her additional tax penalties. Primerica's restitution included reimbursement of those penalties.
The department said it believes there may other victims who had business dealings with Jones.
2004 American City Business Journals Inc.
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