NY agent faces charges in $2.5 million life insurance scam
September 23, 2015 by IFAWebNews Staff
A life insurance agent from Staten Island was arrested and charged with scamming more than a dozen senior citizens out of $2.5 million.
Paul Simoneschi, 69, faces a 63-count indictment which includes charges of money laundering, scheme to defraud and criminal possession of a forged instrument. Authorities said his actions constitute as a hate crime based on the age of the alleged victims, one of whom was 94.
Simoneschi owned Simmons Planning Group & Agency Inc., in Bay Ridge, N.Y. At one piont he closed his 7th Aveneu office and operated out of his Staten Island home.
According to Brooklyn District Attorney Ken Thompson, Simoneschi would dupe clients – between the ages of 60 and 94 – by recommending they surrender their life insurance policies and invest the money with him. But instead of investing the money, he would deposit the funds into his account, according to Thompson. He is accused of forging their names and depositing checks into accounts that he controlled.
Simoneschi, a married grandfather with four adult children, allegedly covered his tracks by sending clients bogus financial statements while blowing their cash on vacations to Spain and Mexico, and a $250,000 apartment for his girlfriend.
“He held himself out as a savvy investor and trusted advisor, when in fact he was allegedly nothing more than a crook,” said Thompson.
According to Thompson, Simoneschi was born in Italy and would speak Italian to Italian immigrant clients, developing long-term relationships.
Bail was set at $1 million bond. Simoneschi is due back in court on Nov. 18.
