Formerly licensed insurance agent Robert Stoddard, 66, of San Clemente, Calif., was arrested this week after a California Department of Insurance investigation found he allegedly stole $1.2 million from more than 20 victims, including 14 seniors.
Stoddard is being charged with 51 felony counts of grand theft, elder abuse, money laundering, securities violations and aggravated white-collar crime enhancements.
Stoddard owned and operated insurance agency The Stoddard Group Inc., which also offered living trusts and investment advice. The CDI investigation reportedly revealed that between August 2012 and June 2018, Stoddard conducted investment and retirement related seminars that targeted senior citizens and used various schemes to fraudulently gain victims’ trust and cultivate friendships to steal money from them.
