(Insurance Journal) A Florida insurance agent has been arrested for allegedly defrauding a Florida senior of approximately $99,000 in an annuity investment scam, according to a statement from the Florida Department of Financial Services (DFS).
Florida Chief Financial Officer (CFO) Jimmy Patronis announced the arrest of insurance agent Alberto Soulier after investigators allege that for several years Soulier created fake investment companies and pocketed the annuity premiums of a South Florida senior citizen.
An investigation by the Bureau of Insurance Fraud and Division of Insurance Agent & Agency Services uncovered that licensed insurance agent Soulier allegedly sold fictitious annuity policies to a senior victim with the promise of a better rate of return on the investment. Over roughly four years, DFS said Soulier allegedly presented bogus annuity documents to the victim bearing the names of fictitious companies “MBA Capital Group” and “Trust Preferred Capital Network” and then pocketed the victim’s premiums totaling approximately $99,000.
Soulier was booked into Broward County Jail on Oct. 15, 2019, on charges of misappropriated insurance funds, organized scheme to defraud, and grand theft. If convicted, he faces up to 75 years in prison. Immediately upon filing of formal charges, Soulier’s license will be suspended. This case is being prosecuted by the 17th Judicial Circuit of Florida.
Individuals charged with a crime are presumed innocent until proven guilty.
“Defrauding any Floridian is unacceptable but it is especially despicable when scam artists target seniors who have worked their entire lives to build a nest egg,” Patronis said. “My dedicated fraud investigators are working every day to root out fraud and hold bad actors accountable. It’s vital that Florida’s seniors understand the warning signs of fraud and remember that if an offer sounds too good to be true, it usually is.”