commissions

Published on: March 15, 2018

Orange County Insurance Agent Suspected of $1.6 Million Scam on Seniors

An ex-insurance agent from San Clemente has been accused of using fraudulent practices to profit off of investments he made for at least six elderly clients in Southern California.

55-year-old Mark Malatesta, a man employed as a licensed insurance agent, was taken into custody on Monday after the California Department of Insurance detectives found what they believe is supporting evidence that he was taking part in a monetary ruse which cost his former clients over $1.6 million. The alleged victims were reported as senior citizens, who are said to be a target demographic of an increasing number of deceptions designed to cheat them out of their money, as reported by Insurance Commissioner Dave Jones.

Malatesta has been accused of a procedure called “churning,” wherein a broker who typically has permission to make independent determinations on how to invest money from the client’s account performs transactions “chiefly to generate commissions that benefit the broker,” as described by the U.S. Securities and Exchange Commission.

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Published on: February 25, 2018

Upcoming Depositions for Daily Sun News Executives in Theft Case

by Staycie R. Sena

A woman who was employed by the Villages Daily Sun has been accused of pilfering fraudulent commissions from the company. Several staff members including upper-level executives of the outlet are scheduled for depositions this week.

The Villages Daily Sun in Florida states that it is a part of a media group, and they are the “oldest, largest, and most trusted source of news and information for residents of The Villages community.”

Bellview resident Grace Mimm worked as a sales manager at the Daily Sun for many years. One of her duties was recruiting new customers for the paper, for which she was paid commissions.

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Published on: February 3, 2018

Ex-Employee of Fannie Mae Suspected of Wire Fraud Real Estate Scheme

by Staycie R. Sena

A Riverside County woman who worked as a foreclosure specialist at Fannie Mae in Irvine has been accused of taking over $1 million through accepting bribery and employing fraudulent sales practices with company-owned properties.

Shirene Hernandez, a 45-year-old resident of Riverside County, was a real estate owned foreclosure specialist for the government-sponsored Fannie Mae in Irvine. Her job duties entailed matching properties owned by the company with brokers and accepting sales offers when proposed by the brokers.

During a time period spanning from April 2011 and July 2016 Hernandez has been accused of personally profiting off of the sales transactions of the properties through fraudulent means. Court documents reflect that Hernandez allegedly accepted gifts and cash from certain brokers in order for them to gain the listing so they would profit off of the sales commissions. In addition, some of the foreclosed properties were said to have been purchased by Hernandez at a price below market value, using different names, and then rented out for profit. In total, it was estimated that Hernandez acquired more than $1 in profits from the alleged fraud.

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