Frank C. Stewart, 48, of Ramey, Pennsylvania is facing charges of two counts of forgery, theft by unlawful taking, and theft by deception. He’s is accused of stealing $120,000 from an elderly client. Stewart is currently free on $25,000 unsecured bail.
Allegedly, Stewart, without authorization, withdrew $120,000 from his 74 year-old client's Sun Life Financial annuity in October of 2010 and deposited it into his business account with Best Insurance and Financial. Upon investigation it was found that Stewart was the broker for the alleged victim’s annuity. There was neither a matching deposit with CNB Bank nor a reinvestment with Sun Life found in the investigation.
If you or an elderly family member have become alleged victims of life insurance or annuity fraud, contact an insurance fraud attorney for a free consultation on how to recover your investment losses. To speak with an attorney, call 888-760-6552.
Soreide Law Group, representing Insurance Fraud Victims in Federal Court, State Court and before the Financial Industry Regulatory Authority (“FINRA”).
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