Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
Click here to read more on the Glenn Neasham case.
By Steven A. Morelli
A California insurance producer who was convicted of theft for selling an annuity was allowed to stay out of jail while he appeals his conviction.
Glenn A. Neasham, 52, was allowed by a judge in a hearing today to post $20,000 bail instead of reporting to jail on April 19 to serve his 60-day sentence. Neasham was convicted of felony theft from an elder on Oct. 21 for selling an 83-year-old woman suffering from dementia. Neasham and his assistants have insisted that they did not see signs of dementia during the 2008 transaction.
Neasham expects to use money lent by a relative to pay $2,000 for a bond, which will allow him to stay out of jail pending his appeal. His attorney filed a notice for appeal in a higher court on Feb. 29, the day Neasham lost his request for a new trial and was sentenced to 300 days in jail, reduced to 60 days.
Neasham is also asking for a public defender to prepare the appeal because he has run out of money and has little income. The state revoked his insurance license on March 9.
“Obviously, I’m out of the insurance business, which is the toughest part,” Neasham said after the hearing. “Twenty-three years of my life are just gone. Not that I was driven by making a lot of money, but my ability to earn an income has been taken away from me.”
Neasham and his attorney expect the appeals process to take up to two years, when he might face another trial or have the charges dropped if he is successful.
Steven A. Morelli is editor-in-chief for InsuranceNewsNet. He has more than 25 years of experience as a reporter and editor for newspapers, magazines and insurance periodicals. He was also vice president of communications for an insurance agents’ association. Steve can be reached at firstname.lastname@example.org.
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