Glenn Andrew Neasham, 50, of Kelseyville was taken into custody by a Lake County District Attorney's Office investigator Tuesday afternoon, according to court and jail records.
He later was released on $20,000 bail.
Neasham – known as “The Safe Money Guy” – is owner of Neasham Financial and Insurance Group and OxyboostH20!, based in Lakeport.
He is charged with felony theft from an elder that the District Attorney's Office alleges took place between Feb. 1 and Feb. 28, 2008.
The case, filed by Senior Deputy District Attorney Rachel Abelson, is based on an investigation largely carried out by the California Department of Insurance.
It alleges that Neasham “committed theft and embezzlement” against the property of the then-83-year-old female client, with the property valued at more than $950.
Neasham is also charged with two special allegations – that he “took, damaged or destroyed” property of more than $50,000 and that the theft totaled more than $100,000.
The investigation was triggered when, in February 2008, the Savings Bank of Mendocino County made a report because the alleged victim came in to take out $175,000 in order to purchase an annuity, according to case documents.
The California Department of Insurance received a report on the case in May 2008 and assigned an investigator who subsequently interviewed the alleged victim, her boyfriend – who has been named the annuity's beneficiary – and Neasham.
The report stated that Neasham at various times provided information and at other times reportedly yelled at the investigator and threatened to bring legal action for defamation.
The alleged victim's son told the investigator that his mother had Alzheimer's disease. The investigator noted in her report that the woman often seemed confused and also appeared to be under the control of the boyfriend, who case documents indicated had been a client of Neasham's for about 10 years.
Neasham told the investigator he was not aware of an Alzheimer's diagnosis, and maintained that he was working hard to get his client a good return on her money, as he said he had done for other clients.
In late June and early July of 2009, the investigator got copies of Neasham's newspaper ads guaranteeing 13.575 percent returns on first-year investments with his annuities.
When the investigator contacted Allianz Life Insurance Co., for which Neasham is authorized to sell insurance, the company informed her that it hadn't approved the ads.
At the time, Neasham also had a billboard outside of Lakeport advertising the 13.575 percent return.
The California Department of Insurance did not return a call by end of business Wednesday.
However, the agency's online license search showed Neasham's licenses to still be active, with both – one for accident and health and one for life insurance – set to expire next March.
The database cautions, however, that not all information is current, but it is not clear if licenses can be put on hold while prosecutions take place.
The state database shows no history of enforcement actions against Neasham, who is authorized to sell insurance for Guaranty Income Life Insurance, Lincoln National Life Insurance, London Pacific Life & Annuity, Transamerica Life Insurance, Equitrust Life Insurance, Aviva Life and Annuity and Allianz Life Insurance.
His booking document indicates he's set to appear in court Feb. 7.
E-mail Elizabeth Larson at firstname.lastname@example.org . Follow Lake County News on Twitter at http://twitter.com/LakeCoNews , on Facebook at http://www.facebook.com/pages/Lake-County-News/143156775604?ref=mf and on YouTube at http://www.youtube.com/user/LakeCoNews .