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Key Issue: Owner of Large 403(b)/457(b) Compliance Firm Booked

December 7, 2020

Orange County Insurance Agents Arrested in $4 million Securities Fraud Scheme - California Department of Insurance

Excerpt: Robert Andrew Lotter, 63, of Newport Beach, and Charles Albert Major, 72, of Irvine, were arrested today on multiple felony counts of securities violations and burglary after allegedly defrauding more than 20 victims of over $4 million.


Newport Beach Insurance Agent Pleads Not Guilty in $4-million Securities Fraud Scheme - Daily Pilot for the Los Angeles Times

Excerpt: A 63-year-old Newport Beach insurance executive pleaded not guilty to charges in what state authorities said was a $4-million securities fraud scheme that affected more than 20 victims.


Arrested Development - Dan's Blog for 403bwise.org

Excerpt: "This is not an Onion story. The Newport Beach, California owner of Tax Deferred Services, a firm that provides 403(b)/457(b) plan compliance for more than 300 California school districts was arrested in what the California Department of Insurance (CDI) called a “$4 million securities fraud scheme.” 

Related Podcast:

What's That Phishy Smell in Your Inbox? Across the country teachers are being spammed by phony financial professionals. A savvy high school teacher almost took the bait.   Listen Now »