Calif. Life Insurance Agent Arrested for ID Theft

California Insurance Commissioner Dave Jones announced that Sergey Oganesyan, 25, a licensed life agent has been arrested and charged with two felony counts of grand theft and one felony count of identity theft. If convicted of all charges, Oganesyan faces a maximum of four years and four months in prison. His bail has been set at $70, 000.

According to California Department of Insurance investigators, in 2007 and 2008, Oganesyan fraudulently submitted a life insurance application to an insurance company which caused monthly premiums to be debited from the bank account of the victim. When investigators interviewed the victim, he stated that he did not know nor had ever met with insurance agent Oganesyan. The victim stated that he never signed any insurance policy application or authorized any automatic bank withdrawals. The victim’s bank account had been debited on a monthly basis for a total of $889.20. This fraudulent activity was discovered when the victim noticed automated monthly withdrawals being debited from his bank account by the insurance company. After conducting an independent investigation, the insurance company agreed to refund $889.20 to the victim. In addition, the insurance company paid Oganesyan $615.60 in commissions for the sale of the fraudulent insurance policy. The total amount of the grand theft is estimated to be $1,504.80.

This case was investigated by the Los Angeles Regional Office Investigation Division and is being prosecuted by the Los Angeles County District Attorney’s Office Elder Abuse Unit which handles life and annuity cases in addition to crimes against the elderly.

The felony grand theft counts are in violation of 487(A) PC and felony identify theft count is in violation of 530.5(A). Administrative action is pending against Oganesyan’s insurance license.

Source: CDI