ORANGE – A former insurance agent was arrested last week on suspicion of stealing more than $110,000 from his elderly aunt’s life insurance policy, officials said Tuesday.
Orange resident Myles Seishin Hanashiro, 47, was booked into Los Angeles County Jail on Friday on suspicion of four counts of financial elder abuse, said Patrick Storm, a spokesman for the state Department of Insurance. Hanashiro was held in lieu of $200,000 bail.
Investigators said Hanashiro sold his aunt, a Gardena resident, a $100,000 life insurance policy in 2005. In 2009, she received a letter that the policy’s address had been changed to the same as Hanashiro’s without her permission.
The 78-year-old wasn’t aware of any crime, however, until 2012, Storm said. At that time, she contacted the insurance company about the status of her policy and found that four withdrawal requests had been made between April 2009 and April 2010.
For each withdrawal, Hanashiro had forged his aunt’s signature, Storm said. The checks, totaling more than $110,000, were sent to his address in Orange. Two had been cashed, and two were deposited into Hanashiro’s bank account, Storm said.
If convicted, Hanashiro, whose insurance license expired in 2009, would face up to four years in prison as well as fines and restitution, Storm said. The case was investigated under the Department of Insurance’s Life and Annuity Consumer Protection Program, which provides resources to district attorneys to prosecute financial abuse.
By CLAUDIA KOERNER / ORANGE COUNTY REGISTER
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