A former insurance agent accused of illegally withdrawing more than $100,000 from an insurance annuity he sold to an elderly relative pleaded no contest March 3, the Los Angeles County District Attorney’s Office announced.

Myles Hanashiro's booking photo (California Department of Insurance)
Myles Hanashiro’s booking photo (California Department of Insurance)

Deputy District Attorney Tina Hooks of the Elder Abuse Section said Myles Seishin Hanashiro, 47, of Orange pleaded no contest to one misdemeanor count of theft from an elder.

Under the terms of a negotiated plea agreement, Hanashiro paid the victim $110,760 in restitution. The defendant was immediately sentenced to three years probation; 12 days of time served in county jail; and 100 hours of community service.

Additionally, Los Angeles County Superior Court Judge Michael Garcia ordered the defendant not to act or practice as a life insurance agent while he is on probation.

Prosecutors said Hanashiro sold an annuity to his elderly aunt in 2005. After losing his insurance license in 2009, the defendant allegedly began dipping into the 78-year-old woman’s life insurance annuity, purportedly forging her signature on documents to withdraw a total of $110,760.

The alleged theft took place between April 2, 2009, and April 20, 2010. The case was investigated by the California Department of Insurance.

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