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CA Department of Insurance

Insurance Commissioner Dave Jones announces sentencing of Lake County Agent for Theft from a Senior

Dave Althausen
July 24, 2012 2:49 PM

On February 29, 2012, Lake County Judge Richard C. Martin sentenced Glenn Neasham, 52, of Hidden Valley Lakes to three years felony probation and 90 days in jail. This sentencing comes after Neasham was arrested on December 14, 2010, for violating Penal Code Section 368(d) Theft and Embezzlement of an elder. Subsequent to Neasham's arrest there was a jury trial on September 21, 2011 in which Neasham was found guilty by twelve Lake County jurors.

An investigation conducted by the California Department of Insurance (CDI) and the Lake County District Attorney's Office discovered that Neasham, doing business as Glenn Neasham Insurance Agency, sold a $175,000 annuity to the victim, an 83 year old woman, on February 6, 2008. The victim obtained the funds to purchase the annuity by withdrawing a large portion of her savings from a certificate of deposit. The investigation determined that the victim, diagnosed as suffering from Alzheimer's disease prior to the sale, lacked the mental capacity to enter into this contract, and that the terms and conditions of the annuity contract were not in her best financial interest.

CDI revoked Neasham's license and licensing rights on April 9, 2012.

This case was prosecuted by the Lake County District Attorney's office.

 

 

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