Insurance agent conspires with brother to con seniors out of more than half a million dollars
News: 2015 Press Release
FRESNO, Calif. -Today brothers, Ronnie Carter, 68, and Jimmie Carter, 69, were arrested on 13 felony counts including theft from an elder, burglary, omission of material fact, and fraud. An investigation by the California Department of Insurance alleges that the brothers targeted and stole from fellow senior citizens by selling fraudulent investments.
"Swindling seniors out of their retirement savings is a crime that I do not take lightly," said Insurance Commissioner Dave Jones. "The Carter brothers preyed on vulnerable consumers by using their trusted position and pure greed to steal more than half a million dollars. I am pleased to announce these fraudsters are being brought to justice."
The investigation began in 2011 after the department received a complaint involving an investment scheme. CDI investigators discovered that over a year and a half period, the Carter brothers defrauded at least three senior victims out of a total of $552,000. Ronnie Carter was the long-standing insurance agent for two of the victims and although he was an insurance agent, neither brother was licensed to sell investments. They were able to conceal their scheme by hiding where the money was invested, providing their victims with phony investment contracts and notes, and issuing minimum investment payments.
This case is being prosecuted by the Fresno County District Attorney's Office. If you believe that you or a family member may have been a victim of Ronnie Carter, Jimmie Carter, or State Wide Financial & Insurance, please contact the CDI Fresno regional office at (559) 440-5900.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $289 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $394 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.