O-Side Man Accused Of Defrauding Relative With Alzheimer's

OCEANSIDE, CA – A preliminary hearing was set to continue Tuesday in the case of two men -- an insurance agent and a relative of the victim -- who allegedly defrauded a man suffering from dementia out of more than $700,000.

Michael David Wolf of Moorpark, 60, and Randall Keith Smith of Oceanside, 61, are accused of taking money from Smith's now-deceased relative, Garrett Smith, by having Wolf sell the victim a $1.2 million annuity policy, then withdrawing hundreds of thousands of dollars from the annuity.

In addition to the money lost through withdrawals, prosecutors allege the victim suffered an additional $92,000 loss in penalties and early withdrawal fees.

The victim was diagnosed with early-onset dementia about six months before he was sold the annuity, according to prosecutors, who allege Smith impersonated his relative in phone calls with the insurance company and forged his signature on policy documents.

Wolf, whose insurance agent license was suspended by the state, is also accused of calling the insurance company more than a dozen times on Smith's behalf to facilitate the withdrawals.

The men, who were arrested in May by investigators from the California Department of Insurance, are each charged with more than a dozen felony counts, including grand theft, caretaker theft and forgery. The hearing, which will determine whether the men will stand trial on the charges, is expected to continue through Wednesday.

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