LOS ANGELES, Calif. — Former Westlake Village insurance agent, Joseph Schimmel, was arraigned on multiple felony counts of grand theft, burglary, and financial elder abuse for allegedly stealing over $55,000 in clients’ insurance premiums. Four of his clients were seniors.
An investigation by the California Department of Insurance alleges that Schimmel, while doing business as Schimmel Insurance Services, Inc., from December 2018 through December 2019 victimized six clients by collecting $55,564.66 in insurance premiums, yet failed to place the appropriate coverage. Unbeknownst to his clients, Schimmel funneled their money to his own personal account and failed to purchase their insurance coverage. Schimmel’s embezzlement left his clients exposed to potential substantial financial losses as a result of being uninsured.
The case is being prosecuted by the Los Angeles County District Attorney’s Office. Schimmel self-surrendered on Friday, August 21, 2020, to the Los Angeles County Superior Court in San Fernando. Bail was set at $180,000 and he was released on his own recognizance.
The Department of Insurance filed an accusation against Schimmel on May 8, 2020. Schimmel’s license expired on June 30, 2020. He was the principal owner of Schimmel Insurance Services, Inc. with license #0I67483 which expired on December 31, 2019.