Agent Scams Seniors out of More Than $2 mil

John Paul Slawinski, 59, was arrested at his home in Palm Desert on July 29, and is charged with five felony counts of financial elder abuse and five counts of burglary for allegedly ripping off five senior citizens for more than $2 million through the sale and surrender of investment annuity products. Bail is set at $2,000,000.

An investigation was launched by the Department of Insurance after receiving complaints regarding Slawinski's business practices involving the sale and surrender of annuity products. Investigators allege that Slawinski, a licensed insurance agent, convinced some victims to surrender annuities and investment products with the promise of higher returns through new investments and conned other victims into giving him money to invest for them. Slawinski did not purchase annuities or investment products, nor did he refund the victims' money.  "I find it particularly appalling when people in the position of trust violate that trust and take advantage of vulnerable senior citizens," said Commissioner Dave Jones. "Consumers should be able to trust their agent when making important insurance decisions. Consumers often rely on the advice of their agent when they are taken advantage of the result is often devastating."  Slawinski concealed his theft by providing the victims with fraudulent financial statements, and by issuing minimum investment payments to lead them to believe their insurance investment and life savings were secure.

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Agent Scams Seniors out of More Than $2mil