Articles Tagged with retirement

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A federal investigation of a company in Irvine that offers financial and insurance services has led to charges for three executives of the firm who have allegedly been found to have stolen investments totaling over $4 million from several elderly clients.

50-year-old Mehmet Fatih Biyikoglu is the CEO and founder of Five Star Financial Services, LLC, a financial management and insurance firm in Orange County. 58-year-old Anna Marie Holt serves as the company’s president and chief operating officer, and Ida Shaghoian, 38, was a sales agent who was also once married to Biyikoglu.

The company practices have been under investigation that has led to accusations against Biyikoglu, Holt, and Shaghoian purporting that between 2014 and 2015 they recruited clients, typically elderly people, and assured them that if they invested into certificates of deposit they would earn significant returns. Instead of taking the clients’ money and putting it into a JP Morgan Chase Bank CD account as promised, the suspects have been accused of taking over $4 million in investments and using the cash for personal items such as real estate, jewelry, and expensive automobiles.