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CA Department of Insurance

Insurance Commissioner Dave Jones announces arrest of former Corona Agent for Financial Elder Abuse and Grand Theft

Dave Althausen
December 30, 2011 9:32 AM

On October 17, 2011, former life agent John Brian Holt, 49, was arrested on five felony counts for violating Penal Code section 459, Burglary; two felony counts for violating Penal Code section 487(a), Grand Theft; one felony count for violating Penal Code section 368(d), Financial Elder Abuse and three felony counts for violating Insurance Code section 1733, Theft of Fiduciary Funds. Holt was booked into the Robert Presley Detention Center in Riverside County and his bail was set at $68,000.00.

An investigation revealed that during the period July 2008 through April 2010, the California Department of Insurance (CDI) received multiple complaints that alleged Holt, a licensed insurance agent at the time, had collected premium payments for the purchase of annuities and life insurance but failed to remit the funds to any insurance company. The CDI investigation revealed that Holt often collected money at the homes of his victims, assured them that the money was intended for the placement of life or annuity insurance products and instead kept and spent the funds for personal use. During this period, Holt conducted business in San Bernardino, Riverside and Los Angeles Counties. It is alleged that losses to victims were approximately $68,000.00.

This case was investigated and 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. The Investigation Division, Criminal Operations - Point of Sale [C.O.P.S.] Unit of CDI investigated the case.

The case is being prosecuted by the Riverside County District Attorney's Office.



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