The agent who was convicted of theft for selling an annuity to a woman with dementia was never proven to have known the client was impaired, according to the prosecutor in the case.
Dementia was a central element in the case that led to the felony theft conviction of Glenn A. Neasham, an annuity producer in northern California. He said he was not aware his 83-year-old client had dementia or Alzheimer’s when he sold her an Allianz MasterDex 10 indexed annuity in 2008. Two of his assistants also testified that they did not see signs of dementia.
The prosecutor argued that the client, Fran Schuber, had been diagnosed with dementia in 2004 and was not capable of consent in the purchase of the $175,000 annuity, which was approved in California for sale to people up to 85.
After the verdict, Lake County Deputy District Attorney Rachel Abelson said in a court filing that there was evidence that Neasham knew Schuber could not provide consent for the sale.
“There was sufficient evidence presented to show that Fran Schuber was not capable of consenting to the transaction in question and evidence showed that he [Neasham] knew that at the time of the evidence,” according to the prosecutor’s motion opposing Neasham’s request for a new trial.
But in an interview with InsuranceNewsNet, Abelson said she was not able to show that in court.
“Not necessarily that he knew that she had Alzheimer's or dementia, I couldn't necessarily prove that,” Abelson said. “The son told him, but we couldn't really pinpoint the time. It might have been at the transaction. Of course, I think he [Neasham] denies that he ever knew that she had this diagnosis.”
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Prosecutor Admits Not Proving Agent Knew Client Had Dementia