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CA Department of Insurance

Commissioner Jones Announces Arrest Of Life Agent For Grand Theft And Identity Theft

News: 2011 Press Release

For Release: January 19, 2011
Media Calls Only: 916-492-3566
Commissioner Jones Announces Arrest Of Life Agent For Grand Theft  And Identity Theft
Agent accused of arranging illegal automatic bank debits

Insurance Commissioner Dave Jones today announced that Sergey Oganesyan, 25, a licensed life agent has been arrested and charged with two felony counts of grand theft and one felony count of identity theft. If convicted of all charges, Oganesyan faces a maximum of 4 years and 4 months in prison. His bail has been set at $70,000.

"Any licensed insurance agent that steals from a policyholder will be fully investigated and prosecuted by my Department," said Insurance Commissioner Dave Jones. "This agent's intentions were driven purely by greed and deception."

According to CDI investigators, in 2007 and 2008 Oganesyan fraudulently submitted a life insurance application to an insurance company which caused monthly premiums to be debited from the bank account of the victim. When investigators interviewed the victim he stated that he did not know nor had ever met with insurance agent Oganesyan. The victim stated that he never signed any insurance policy application or authorized any automatic bank withdrawals. The victim's bank account had been debited on a monthly basis for a total of $889.20. This fraudulent activity was discovered when the victim noticed automated monthly withdrawals being debited from his bank account by the insurance company. After conducting an independent investigation, the insurance company agreed to refund $889.20 to the victim. In addition, the insurance company paid Oganesyan $615.60 in commissions for the sale of the fraudulent insurance policy. The total amount of the grand theft is estimated to be $1,504.80.

This case was investigated by the Los Angeles Regional Office Investigation Division and is being prosecuted by the Los Angeles County District Attorney's Office Elder Abuse Unit which handles life and annuity cases in addition to crimes against the elderly.

The felony grand theft counts are in violation of 487(A) PC and felony identify theft count is in violation of 530.5(A). Administrative action is pending against Oganesyan's insurance license.

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The California Department of Insurance, established in 1868, is the largest consumer protection agency in California, regulating the $123 billion insurance marketplace. In 2013 the California Department of Insurance received more than 170,000 calls from consumers and helped recover over $63 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP or 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.

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