OCEANSIDE, Calif. (CNS) — An Oceanside man convicted of stealing thousands of dollars from his brother's annuity policy has been sentenced to two years of probation and ordered to pay $120,000 in restitution to his brother's beneficiaries, the California Department of Insurance said Friday.
Randall Smith, 64, bought a $1.2 million annuity policy and later obtained power of attorney for his brother, who had recently been diagnosed with early-onset dementia.
The Department of Insurance says Smith then impersonated his brother during phone calls with the insurance company and forged the policy beneficiary's signature on documents in order to make six withdrawals without his brother's knowledge.
Smith misappropriated more than $120,000 over the course of 14 months, the Department of Insurance said, causing his brother, Garrett Smith, to incur a loss of around $92,000 due to penalties and early withdrawal fees.
Garrett Smith died on Dec. 31, 2015, at the age of 56.
Randall Smith was later convicted of one felony count of forgery in a case prosecuted by the San Diego County District Attorney's Office.
