Dyker Heights Insurance Agent Slapped With Hate Crime Charges For Targeting The Elderly In Fraud Scheme

Dyker Heights Insurance Agent Slapped With Hate Crime Charges For Targeting The Elderly In Fraud Scheme
8403 7th Avenue (Source: Google Maps)

Simmons Planning Group & Agency, located at 8403 7th Avenue (Source: Google Maps)

A Staten Island man with a business in Dyker Heights has been arraigned on a 63-count indictment — including charges of grand larceny as a hate crime — for allegedly targeting elderly victims and scamming them out of more than $2.5 million in hard-earned savings, Brooklyn District Attorney Ken Thompson and Police Commissioner William J. Bratton announced today.

Paul Simoneschi, 69, a licensed insurance agent and financial planner, owned and operated Simmons Planning Group & Agency Inc., located at 8403 7th Avenue on the Bay Ridge/Dyker Heights border, and sold insurance policies and annuities to his clients, according to the indictment.

Simoneschi allegedly developed long-term relationships with his clients, including senior citizens who were not financially savvy, according to the indictment. Some of the clients were Italian immigrants, and he spoke to them in Italian to gain their trust.

“This defendant allegedly took advantage of some of society’s most vulnerable victims, whom he targeted because of their age,” said Thompson. “He held himself out as a savvy investor and trusted advisor, when in fact he was allegedly nothing more than a crook. These victims lost hundreds of thousands of dollars of their life savings at a time when they need it most. We will now prosecute him to the fullest extent of the law.”

An investigation revealed that Simoneschi allegedly stole from his clients by recommending that they surrender their insurance policies and invest the money with him. But instead of investing the money, he allegedly deposited it into his own accounts and used the money for himself. In other instances, he allegedly surrendered victims’ insurance policies without their permission or knowledge, forging their names and subsequently depositing the checks into accounts he controlled.

In total, the conman allegedly stole $2.5 million from 13 victims, 12 of whom were in their 60s, 70s, 80s, and 90s. The victims lost amounts ranging from $12,000 to $575,000.

“As alleged, this individual violated the trust of his clients, pocketed millions of dollars, and denied his victims their savings,” said Commissioner Bratton. “I would like to thank Detective Mark Lombardo of the 68 Precinct squad and the investigators of the Brooklyn District Attorney’s Office for exposing this individual and holding him responsible for his actions.”

According to the indictment, Simoneschi tried to conceal his crimes by providing false documents to many of his victims, including copies of “new” policies opened on their behalf. At times, he allegedly gave them checks purported to be distributions from their policies or accounts, but which were actually checks from other accounts he controlled.

Prosecutors say that the alleged scheme was discovered after the defendant contacted one of his victims him that he should reinvest his money in a new policy. The victim allegedly declined the offer, but later discovered that his account had been raided and that only $2,000 of his $300,000 nest egg remained. He reported the matter to police and an investigation discovered the additional victims, who were unaware that they had been victimized.

Simoneschi was arraigned in a Brooklyn Supreme Court today and charged with two counts of first-degree scheme to defraud, one count of first-degree money laundering, 13 counts of second-degree grand larceny as a hate crime, 13 counts of second-degree grand larceny, 28 counts of second-degree criminal possession of a forged instrument, four counts of third-degree grand larceny and three counts of third-degree grand larceny as a hate crime. He faces up to 25 years in prison if convicted.

Anyone who believes they may have been a victim of this defendant is urged to call the District Attorney’s Action Center at (718) 250-2430.