Glendale insurance agent arrested for grand theft and fraud
News: 2018 Press Release
"Ms. Ocampo allegedly violated her fiduciary responsibilities and the trust of her client and her employer, "said Insurance Commissioner Dave Jones. "I have zero tolerance for agents and brokers who use their position of trust to scam and victimize California consumers."
Ocampo, a licensed insurance agent, was appointed by a major insurance carrier to sell life insurance products. An investigation by the California Department of Insurance revealed that Ocampo allegedly encouraged a client to withdraw $10,000 from her life policy and engage in an investment with a hand-written agreement. The victim in this case, was told by Ocampo that the investment was safe because the investment funds were allegedly going to be with the same insurance carrier the money was originally drawn from. The investment was actually an unqualified security in the form of a hand-written investment contract. At the end of the agreement, Ocampo did not return the $10,000 to her client and used the money for her own personal gain. Ocampo was terminated by the insurance company after her client reported the incident.
Ocampo has been charged on one felony count of grand theft, one felony count of selling an unqualified security, and one count of providing a false statement to sell a security.
This case is being prosecuted by the Los Angeles District Attorney's Office.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 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 $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.4357. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.