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CFO Jeff Atwater Announces Arrest of Boca Raton Man for Scamming Senior out of $25,000

4/21/2011

Contact: Alexis Lambert 
(850) 413-2842

TALLAHASSEE – Florida CFO Jeff Atwater announced today the arrest of a former Boca Raton insurance agent for scamming a 78-year-old Miami woman out of $25,000. Jeffery Schneider, 44, has been charged with four felony counts including scheme to defraud and theft from a person over 65 years of age. Schneider acted without a license, which was revoked in March 2010 for numerous licensure violations. 

“This man violated a senior’s trust and used it to defraud her out of thousands,” said CFO Atwater. “My office will continue to fight fraud aimed at Florida’s seniors and protect the hard-earned money they have worked to save.”

An investigation by the Florida Department of Financial Services, Division of Insurance Fraud, revealed that the victim knew Schneider for over seven years and considered him a trusted friend. She allowed him to handle her financial matters under the company Schneider Insurance Group. In 2008, Schneider offered the victim a way to maximize her investments through the purchase of an annuity and provided her with a brochure from Sun Life Financial, a legitimate investment company.  On September 16, 2008, the victim gave Schneider a check in the amount of $25,000. On the same day, he deposited the $25,000 check into a Schneider Insurance Group bank account.

In October 2010, while reviewing his elderly mother's financial affairs, the victim's son noticed the missing $25,000. The victim explained that Schneider had invested the money on her behalf into a Sun Life Financial annuity account; however, the company determined no account was ever opened in her name. 

Schneider was taken into custody Wednesday and transported to the Miami-Dade County jail. 

Fraud investigators fear Schneider may have other victims that have not yet come forth. If you or someone you know conducted business with Jeffery Schneider or Schneider Insurance Group please call (850) 413-3089 or toll-free at 1-877-MY-FL-CFO (693-5236) or log on to www.MyFloridaCFO.com for more information. 

Chief Financial Officer Jeff Atwater, a statewide elected official and officer of the Florida Cabinet, oversees the Department of Financial Services including the Division of Insurance Fraud.  CFO Atwater’s priorities include fighting financial fraud, abuse and waste in government, reducing government spending and regulatory burdens that chase away businesses, and providing transparency and accountability in spending.