Life insurance agent arrested for elder abuse

April 26, 2012 by N/A

The Associated Press

Posted: 04/25/2012 10:41:50 AM PDT

April 25, 2012 5:43 PM GMTUpdated: 04/25/2012 10:41:50 AM PDT

LOS ANGELES—A Los Angeles life insurance agent has been charged with embezzling more than $1 million in premiums from elderly people who gave him money for life insurance policies and annuities.

Insurance Commission Dave Jones says 73-year-old Frank Conlon has been arrested and charged with felony elder abuse, grand theft and fraud.

He’s in jail with bail set at more than $1 million pending arraignment in Los Angeles on Thursday.

Investigators say Conlon diverted insurance premiums over a four-year period and spent the money for his personal use instead of sending the money to insurance companies.

Originally Posted at MercuryNews on April 25, 2012 by N/A.