Former Insurance agent, 3 others, charged with scamming more than 50 elderly victims

FRESNO, Calif. (KFSN) -- A former insurance agent is facing serious fraud charges, according to investigators with the California Department of Insurance. They say Greg Steen, of Clovis, ripped off more than 50 elderly victims.

CDI investigators say he promised financial security but he and his partners face dozens of felony charges from embezzlement to identity theft.

Steen, along with three others, is accused of tricking seniors into signing over their finances, for a profit.

The CDI says the group stole or caused losses of over a million dollars. Steen is the ringleader, according to investigators.

Together the four suspects face 53 felony charges following a two year investigation.

"Some of these people really had no idea what they'd gotten into and some of them were of diminished mental capacity," said CDI investigator Lewis DesLauriers.

Steen, along with Sara Vann, Patricia Ramirez and Lisa Bennett, were arrested in January. Investigators say the three women worked closely with Steen to scam their victims.

Steen's license as an insurance agent is listed on the state's website as inactive as of February.

"His contract with the insurance company had been terminated and what he was doing was going out and soliciting the consumer and selling them the annuities and he was using his co-defendants to sign the paperwork to defraud the insurance companies," said DesLauriers.

We're told the scam also included hiding victim's assets to trick the government into providing Medi-Cal or Veteran's Affairs funding. That can cost taxpayers thousands of dollars a month.

Investigators say the victims were even charged between $3,000 and $12,000 in fees for the fraudulent work.

Steen, they say, held senior financial seminars where he'd convince more victims to sometimes sign blank documents.

Steen was featured on Action News in 2008 during the economic downturn. His current business, Steen and Company claims to specialize in asset protection, wealth transfers and Medi-Cal planning. His online biography says he's a church elder who teaches biblically-based financial planning. But the state says it's all a front to rip off vulnerable people.

Action News reporter Rick Montanez called and briefly talked with Greg Steen at his office Monday. Steen hung up the phone moments into the call.

Investigators are looking for additional victims.

To search an insurance agent's status with the state, click the link: http://bit.ly/1uC1YqW