Insurance Commissioner Poizner Announces Lake County Insurance Agent Arrested for Allegedly Embezzling Money from a Senior

SACRAMENTO, Calif., Dec. 16 -- The California Department of Insurance issued the following news release:

California Insurance Commissioner Steve Poizner today announced the arrest of a Lake County insurance agent for allegedly embezzling money from a senior client. Glenn Neasham, 50, of Hidden Valley Lakes, was arrested on December 14.

"Insurance agents or brokers who steal from vulnerable seniors will not get away with their shameful tricks," said Commissioner Poizner. "CDI investigators will continue working to track down any unscrupulous agent who preys on California's seniors."

An investigation conducted by the California Department of Insurance discovered that Neasham, doing business as Glenn Neasham Insurance Agency, sold a $175,000 annuity to an 83 year old woman on February 6, 2008. The victim obtained the funds to purchase the annuity by withdrawing her savings from a certificate of deposit. The investigation determined that the victim 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.

The Lake County District Attorney's Office is prosecuting this case. If any person feels they have been a victim of Glenn Neasham, please contact the Department of Insurance at 707-751-2005.

Poizner oversees sixteen CDI Enforcement Branch regional offices throughout the state. Nearly 2,800 insurance fraud-related arrests have been made by CDI since Commissioner Poizner took office in 2007 - more arrests than have been made during any other three year period, under any previous insurance commissioner.

TNS 23SQ -JF78101217-3154793 StaffFurigay