"This man took from his own elderly aunt. Thanks to investigators at the California Department of Insurance, she got her money back and he won't be selling insurance anytime soon." - CSLEA President Alan Barcelona.
A former insurance agent accused of illegally withdrawing more than $100,000 from an insurance annuity he sold to his elderly aunt, pleaded no contest today in Los Angeles County Superior Court March 3, 2014.
Myles Seishin Hanashiro, 47 of Orange, pleaded no contest to one misdemeanor count of theft from an elder. Under the terms of a negotiated plea agreement, Hanashiro paid the victim $110,760 in restitution and was sentenced to three years probation, 12 days of time served in county jail and 100 hours of community service. Additionally, Los Angeles County Superior Court Judge Michael Garcia ordered the Hanashiro not to act or practice as a life insurance agent while he is on probation.
Prosecutors said Hanashiro sold an annuity to his elderly aunt in 2005. After losing his insurance license in 2009, Hanashiro began dipping into the 78-year-old woman’s life insurance annuity, forging her signature on documents to withdraw a total of $110,760. The theft took place between April 2, 2009 and April 20, 2010. The case was investigated by the California Department of Insurance.