State of california seeking other victims of eddie ybarra, one pending criminal case of 8/31/06, see press release below from california dept of insurance commissioner.
Eddie ybarra appears to specialize in victimizing lonely older women or the elderly in bad health. Family members may not know his involvement with a family member's finances, home ownership/reverse mortgages, investments, wills, powers of attorney, trusts or reverse mortgages on an elder's home to get cash to "invest" with ybarra. Edlers may be facing foreclosure on their only asset because they got a wells fargo bank reverse mortgage at ybarra's insistence and then gave the cash to ybarra to "invest".
If you have concerns regarding ybarra activites or financial advice you may call the california dept of insurance, investigation division, 1350 front street, san diego, ca 92101 at (619) 525-4790
Http://www.insurance.ca. Gov/0400-news/0100-press-releases/0070/release111-06. Cfm
News: 2006 Press Release
For Release: September 6
Media Calls Only: 213-346-6342
Insurance Commissioner John Garamendi Announces Arraignment of Life Insurance Agent on Felony Charges of Financial Elder Abuse
SAN DIEGO Insurance Commissioner John Garamendi announced today the arraignment of insurance agent Edward Michael Ybarra, 42, of San Diego on three felony counts of financial elder abuse, grand theft, and using false statements in the sale of a security.
The August 31 arraignment followed a two-month investigation by the California Department of Insurances (CDI) Investigation Division.investigators said that Ybarra collected $110,000 from his 78 year-old client for insurance investment purposes, but $70,000 of that was diverted for Ybarras personal use.
There are few crimes more heinous than taking advantage of a senior to cheat them out of their life savings, said Commissioner Garamendi. My Department is steadfast in its commitment to root out senior fraud and make sure that those who are convicted receive the toughest penalties possible.
This is the first case to be filed by the Department under the Life and Annuity Consumer Protection Program (LACPP), which was established through Assembly Bill 2316 (CHAN). The LACPP established a fund to be used exclusively for protecting consumers of life insurance and annuity products in the State of California by both the CDI and local district attorneys.
A preliminary hearing is set for September 14. This case is being prosecuted by the San Diego County District Attorney offices Insurance Fraud Division.
The CDI urges consumers to contact their insurance company directly to verify the validity of their insurance policies. For more information, consumers can contact the CDI Consumer Hotline at (800) 927-HELP (4357) or visit the CDI Web site at www.insurance.ca. Gov. Telecommunications Devices for the Deaf (TDD), please dial (800) 482-4833.
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Please visit the Department of Insurance Web site at www.insurance.ca. Gov. Non media inquiries should be directed to the Consumer Hotline at 800.927. Help. Callers from out of state, please dial 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.
If you are a member of the public wishing information, please visit our Consumer Services.
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