N.Y. Agent Arrested for Stealing Annuity Money from Clients
New York’s Superintendent of Insurance Gregory V. Serio and Suffolk County District Attorney Thomas J. Spota announced the arrest of Michael C. Cammarota, 57, a life insurance agent and owner of Descap Financial Services, in Hauppauge, New York, on charges of scheming to defraud and grand larceny for allegedly pocketing annuity money from clients, including senior citizens.
The joint investigation, conducted by the Suffolk County District Attorney’s Economic Crimes Bureau, the New York State Insurance Department’s Frauds Bureau and the Nassau District Attorney’s Consumer Frauds Bureau, revealed that Cammarota convinced clients “to ‘roll-over’ their annuities for what he described as a better deal.” He allegedly then pocketed some of the money he collected. In one case he is charged with stealing $200,000 from a client.
The NYSID urged “any New Yorkers who may have questions or concerns about their dealings with Mr. Cammarota or Descap Financial Services to call the Suffolk County Economic Crimes Bureau at 631-853-4233.”
Cammarota was arrested May 30th by Suffolk County District Attorney detective-investigators and held in Suffolk County Jail. He faces up to 15 years in prison if convicted.
- CCC Intelligent Solutions Agrees to $6.1B Take-Private Deal with GTCR, Elliott
- Cyber Rates Are Down, Risks Are Up but Small Businesses Slow to Adopt
- KCC Says Isaias Insured Losses to Be $3 Billion; AM Best Calls Storm an Earnings Event
- All in the Family: Husband, Wife and Daughter Indicted for Insurance Fraud and Bribery