LOS ANGELES – On July 18, 2019, a Long Beach man was sentenced to 10 years and four months in state prison for embezzling approximately $995,000 from a dozen victims seeking to invest money they received after a workplace accident, according to the Los Angeles County District Attorney’s Office.
Tom Fallon, 65, pleaded no contest on May 15th to 15 felony counts of money laundering and 10 felony counts of grand theft by embezzlement, and admitted an excessive-taking allegation of more than $100,000.
Fallon was also ordered to pay restitution in the amount of $995,118.48 to the 12 victims.
Fallon, who had his investment company since 2012, used a series of transactions to reroute money that was to be invested, into his own account, the prosecutor said. A couple who was among the victims became aware of the scheme when a check from Fallon was returned due to insufficient funds.
The case was investigated by the California Department of Insurance.
“This insurance agent violated the trust his clients put in him to help secure their futures,” said California Statewide Law Enforcement Association (CSLEA) President Alan Barcelona. “California Department of Insurance investigators are very good at finding and investigating those bad apples in the insurance industry who steal from unsuspecting individuals.”