Prosecutors in California have accused Shawn Heffernan, a retirement planner and insurance agent, of persuading five older clients to surrender annuities and replace the contracts with new annuities from different insurance companies.
Heffernan, 42, was arraigned last week on multiple felony grand theft and elder fraud charges in connection with the annuity replacement allegations, according to officials at the California Department of Insurance.
The San Diego Regional Fraud Task Force, which conducted the investigation, found that one client's annuity replacement led to $490,000 in early surrender fees for the client and $280,000 in additional commission payments to the defendant, according to California department officials.
