Arizona Annuity News

Department Arrests Former Northridge Insurance Agent in Fraudulent Investment Scheme

Insurance Commissioner John Garamendi today announced that California Department of Insurance (CDI) investigators have arrested a former Northridge insurance agent who allegedly took more than three quarters of a million dollars from senior citizens and their families for investments and annuities, then never made the promised investments.

“Let this be a warning to anyone who is even thinking of perpetrating fraud against California’s seniors,” said Commissioner Garamendi. “You will be caught.”

Ruben Echiverri Cu, 56, was arrested by CDI Fraud investigators at his Northridge home on October 31, 2006. He was booked into the Twin Towers jail facility in Los Angeles, and charged with five felony counts of Grand Theft and 15 felony counts of securities fraud, including Sales of Unqualified Securities, Sales of Securities without a Certificate, and Making False Statements in the Sale of a Security. Bail is set at $1,172,418. read more at insurance.ca.gov.

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	Did You Know?
	Employee Retirement Income Security Act (ERISA) The federal law that establishes the basic requirements for employee benefit plans. The authority for administering and enforcing ERISA is divided among three federal agencies: The Internal Revenue Service (IRS), the Department of Labor (DOL), and the Pension Benefit Guaranty Corporation (PBGC).