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Financial Abuse

Southern California Insurance Agent Faces Financial Elder Abuse Charges

By Walton Law APCDecember 31, 2013March 4th, 2023No Comments

Financial abuse of the elderly can come from the most unlikely of perpetrators, and last month’s arrest of a former insurance agent is just the most recent example. In the lawsuit, Myles Seishin Hanashiro has been charged with four felony counts of elder abuse, for forging his own aunt’s signature on an insurance policy he sold her.

According to the Los Angeles Times: “Acting as a licensed life insurance agent in 2005, Hanashiro sold a $100,000 life annuity policy to his 78-year-old aunt. In April 2009, his aunt received a letter from her insurance company notifying her that the address associated with her policy had been changed to the same mailing address as Hanashiro’s…”

“…Hanashiro allegedly submitted four withdrawal requests to the life insurance company by forging his aunt’s signature and all four checks were mailed to Hanashiro’s home address. He then forged his aunt’s signature and cashed two checks and deposited the other two checks into his personal account. Hanashiro’s aunt lost more than $110,000 from her life annuity policy…”

“…If convicted on all charges, Hanashiro faces up to four years in state prison, fines and financial restitution. Hanashiro is being held on a $200,000 bail. His license to sell insurance expired in 2009.”

This is just another example of how elders are often targeted as victims by those who are supposed to be helping them, and unfortunately that often includes family members. Financial abuse of elders occurs in many forms. It is a civil and often a criminal offense. Christopher C. Walton is a San Diego based elder abuse attorney whose practice is dedicated to issues involving elder abuse & neglect. If you believe you or somebody you know has been a victim of elder abuse, please call (866) 338-7079 for a free and confidential consultation.

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