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Former California Insurance coverage Agent Discovered Responsible of Taking $1.2M from Victims

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Former licensed insurance coverage agent Brett E. Lovett, 53, of Camarillo, California, was discovered responsible of 29 felony counts together with grand theft, elder abuse, cash laundering, and housebreaking after a 15-month California Division of Insurance coverage investigation reportedly discovered he defrauded no less than 9 victims, together with senior residents, of practically $1.2 million.

Lovett was arrested in 2017 after the division’s investigation revealed that between 2011 and 2016, he defrauded no less than 9 victims. A number of of his victims have been reportedly senior residents whom he met and befriended at a spot of worship in Carpinteria. Different victims sought authorized recommendation from Lovett by way of his authorized support data enterprise.

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Victims entrusted Lovett with their cash for proposed investments that by no means existed, or for monetary administration functions. Lovett then misappropriated the cash for his personal private use and to repay a few of his victims.

In 2007, doing enterprise as Northwest Asset Fund, Lovett was ordered to pay greater than $675,900 in restitution, fines and sanctions by the U.S. Commodity Futures Buying and selling Fee. Lovett by no means paid the fines or restitution. The CFTC entered a everlasting injunction towards Lovett, who by no means registered with the CFTC. Between October 2002 and August 2005, Lovett solicited cash from people, purportedly to commerce commodity futures, by way of false guarantees of excessive returns from a low-risk funding.

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Lovett’s license to transact insurance coverage expired in Might 2000. He was not performing as an insurance coverage agent throughout this time, however he was reportedly giving monetary recommendation which he was not licensed to provide.

Lovett is scheduled to return to courtroom for sentencing on Might 9. The Santa Barbara County District Lawyer’s workplace is prosecuting the case.

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