Lakeport, CA—a jury convicted Hidden Valley Lake insurance agent, Glenn Neasham, 51 of felony theft of an elder on Friday, October 21, 2011. According to The Lake County News, Neasham was arrested last December following a California Department of Insurance investigation. According to reports, the insurance agent had allegedly sold an annuity to an elderly woman, who prosecutors claimed was mentally incompetent.
Neasham sold a $175,000 annuity to the then 83 year old victim that would have taken 15 years to fully mature. In doing so Neasham earned a commission on the sale. The victim took money from a CD to purchase the annuity. The victim, who did not take the stand, has been recently placed under conservatorship.
Neasham will be sentenced on Dec. 20 and faces probation combined with up to year in jail or as much as 4 years in prison, according to state sentencing guidelines.
A guardian is a person who is legally responsible for the care and management of the person or property of an incompetent or a minor. This person may be court appointed.