Ex-insurance agent pleads no contest to fraud

Published On: Apr 12 2013 11:10:28 AM HST
HONOLULU -

A former insurance agent on Oahu has pleaded no contest to charges he defrauded two elderly clients of more than $38,000.

The state Department of Commerce and Consumer Affairs said Thursday Scott Akashi allegedly convinced an 88-year-old woman to withdraw $30,000 of her life insurance policy and place it into a separate bank account.

It says Akashi told the woman write checks to him for what he said would be a better investment.

The department says Akashi sold a $50,000 annuity to a 90-year-old man and convinced him to withdraw over $5,000 from the annuity to get a better return.

Akashi pleaded no contest to 11 counts of second degree theft.

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