A Palm Desert, Calif. insurance agent was arrested at his home this week for perpetrating an annuity scam on elderly victims.

John Paul Slawinski, 59, is charged with five felony counts of financial elder abuse and five counts of burglary for allegedly exploiting five senior citizens for more than $2 million through the sale and surrender of investment annuity products. Bail is set at $2 million.

The California Dept. of Insurance launched an investigation after some of his victims reported he had persuaded them to surrender annuities and investment products with the promise of higher returns through new investments and conned other victims into giving him money to invest for them–neither of which he did.

Slawinski concealed the scam by providing victims with phony financial statements, and by issuing small investment payments to convince them their invesments were secure.

For the whole story, go to the California Dept. of Insurance webite and here.