2 Charged With Theft, Forgery in $1.2M Annuity Scam
May 14, 2018 by Cyril Tuohy
A California insurance agent sold a $1.2 million annuity to a man with dementia and helped a relative of the man steal $700,000 in withdrawals, according to court documents.
Life agent Michael David Wolf, 59, of Moorpark, sold the $1.2 million policy to the man in 2014, six months after he had been diagnosed with early-onset dementia, according to the arrest document filed in the state Superior Court in San Diego. He is also accused of helping the man’s relative and caretaker Randall Keith Smith, 61, of Oceanside, take $700,000 in early withdrawals by calling the company 14 times.
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