ORANGE, Calif. (AP) - A California insurance agent has been arrested on suspicion of defrauding elderly customers out of $1.6 million.
The state insurance department said Monday that Mark Malatesta could face 16 felony charges related to the elaborate fraud scheme. It wasn’t immediately known if he has an attorney.
Officials say Malatesta collected illegal commissions by falsifying information on annuity applications for at least six clients. Investigators also contend he convinced his victims to terminate their investments - causing them to lose thousands in penalties. He then allegedly sold them new annuities.
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The case is being prosecuted Orange County District Attorney’s Office.
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