Former Orange County life insurance agent arrested and charged with felony elder abuse
News: 2013 Press Release
ORANGE, Calif. - Insurance Commissioner Dave Jones today announced that former life insurance agent, Myles Seishin Hanashiro, 47, was arrested and booked at Los Angeles County Jail on four felony counts of financial elder abuse.
"Insurance agents who prey on elders are particularly loathsome," said Insurance Commissioner Jones. "Violating their fiduciary trust and responsibility by taking advantage of vulnerable seniors is simply unforgivable and I will continue use every tool at my department's disposal to pursue and bring to justice criminals who prey on seniors."
Acting as a licensed life insurance agent in 2005, Hanashiro sold a $100,000 life insurance policy to his 78-year-old aunt. In April 2009, his aunt received a letter from her insurance company notifying her that the address associated with her policy had been changed to the same mailing address as Hanashiro. The address change was completed without her knowledge or permission.
Between April 2009 and April 2010, Hanashiro allegedly submitted four withdrawal requests to the life insurance company by forging his aunt's signature and all four checks were mailed to Hanashiro's home address. The accused then forged his aunt's signature and cashed two checks and deposited the other two checks into his personal account. Hanashiro's deception cost his aunt more than $110,000 in loses from her life insurance policy.
The crime remained undetected until March 2012 when the victim made contact with the insurance company regarding the status of her policy. Hanashiro concealed his crimes by changing the address, phone number and contact information from the victim's to his own contact information so the victim would remain unaware of the withdrawals from her life insurance policy.
If convicted on all charges, Hanashiro faces up to four years in state prison, fines and victim restitution. Hanashiro is being held on a $200,000 dollar bond with a bail hold contingency requiring proof that bail funds are from legitimate sources.
- This case was investigated and is being prosecuted under the Life and Annuity Consumer Protection Program (LACPP). LACPP provides grant funds to counties for the prosecution of financial abuse in life insurance and annuity product transactions.
- Hanashiro's arraignment is pending and his insurance license (#0D42867) expired in September 2009.
- Arrest date 11/22/2013.
- Victim lived in Gardena, Los Angeles County.
- Life insurance policy was a long term care insurance vehicle with an initial investment of $100,000 that accrued interest.
- Hanashiro booking photo available
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.