Former Insurance Agent Gets Over 16 Years in Prison for $1.2 Million Scam

Former Insurance Agent Gets Over 16 Years in Prison for $1.2 Million Scam
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A former licensed insurance agent has been sentenced in Santa Barbara County to over 16 years in jail following his conviction on a litany of felony counts in connection with a $1.2 million insurance scam.

California Department of Insurance Commissioner Ricardo Lara announced on Wednesday that Brett E. Lovett, 53, of Camarillo, has been sentenced to 16 years and eight months in jail.

A court had previously found Lovett guilty of a total of 29 felony counts, including grand theft, elder abuse, money laundering, and burglary.

The sentencing followed a 15-month investigation by the California Department of Insurance, which had reportedly discovered that Lovett defrauded at least nine victims, including senior citizens, of nearly $1.2 million.

An investigation by the Department reportedly revealed that between 2011 and 2016, Lovett defrauded multiple victims, many of whom were senior citizens he had befriended at a place of worship in Carpinteria.

Authorities ultimately arrested Lovett in connection with the crimes in 2017.

Other victims had sought legal advice from Lovett through his legal aid information business.

According to investigators, the victims entrusted Lovett with their money for proposed investments that never existed or for financial management purposes. Investigators also found that Lovett had misappropriated the funds for personal use and to repay some of his victims.

In a press release, Lara detailed Lovett’s history of similar crimes. In 2007, while Lovett was operating a business called Northwest Asset Fund, the U.S. Commodity Futures Trading Commission had ordered him to pay over $675,000 in penalties, including fines, sanctions, and restitutions.

Lovett reportedly never paid the fines or restitution, resulting in the CFTC issuing a permanent injunction against him. Lovett had never registered with the CFTC, authorities said.

Between 2002 and 2005, Lovett also reportedly solicited money from individuals under the false pretense of trading commodity futures, promising them high returns from low-risk investments.

Authorities say that Lovett had not been acting as a licensed insurance agent during the times of the offenses, as his license had expired in May of 2000.

This most recent case was prosecuted by the Santa Barbara County District Attorney’s Office.

Former Insurance Agent Gets Over 16 Years in Prison for $1.2 Million Scam was last modified: June 26th, 2024 by admin
Categories: Santa Barbara

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