LAKEPORT — The jury began deliberating Thursday but had not reached a verdict before the end of the afternoon in the grand theft trial of local insurance agent Glenn A. Neasham.
The 51-year-old faces a felony count of theft from an elder exceeding $950. The results of a California Department of Insurance investigation allege he acted illegally when he sold a $175,000 annuity to Lucerne resident Fran Schuber, then 83, in February 2008.
The prosecution claims Schuber lacked the mental capacity to enter into the investment contract because of a documented history of dementia.
Neasham has denied any wrongdoing with the transaction. “I have had no specific dementia or Alzheimer”s training,” Neasham said Thursday afternoon. “Fran appeared completely fine during the presentation. I absolutely gave it no thought about her health.”
The Lakeport agent said Schuber described her own health as “good” during a February 2008 meeting.
The case entered its eighth day Thursday, with Judge Richard C. Martin reading instructions to the jurors in the morning before attorneys offered closing statements.
Deputy district attorney Rachel Abelson spoke first, telling the jury, “This is a case about greed ? about taking advantage of Fran Schuber.”
The Lake County prosecutor said the Allianz MasterDex 10 annuity was not a suitable investment for a person of Schuber”s age, arguing that Neasham deprived the 83-year-old of the full enjoyment of her money.
Neasham did not receive any of the $175,000 Schuber used to buy the product, but the motive was the roughly $14,000 commission Allianz paid him, according to Abelson.
The prosecutor also claimed Neasham should have recognized signs of Schuber”s dementia, which would have prevented her from consenting to the contract. “He knew she was confused,” Abelson said.
Defense attorney Mitchell Hauptman opened his hour-long closing argument by telling the jury his client is “not guilty of any offense.”
He said the evidence presented during the trial showed no proof of Neasham taking money from Schuber and no intent to deprive her from enjoying the value of those funds. “He is not guilty if he did not have intent,” Hauptman said. “There is no proof of theft.”
Defense counsel also reiterated a point he made throughout the trial, saying that in 2008, the MasterDex 10 was approved for sale in California to people as old as 85. Hauptman argued Schuber has suffered “no loss” and rather has seen “a significant gain” because of her annuity investment. He called the prosecution”s case an example of “overzealous” government.
The jury deliberated for nearly two hours Thursday afternoon before adjourning for the day. Jurors will continue their discussions today at 9 a.m.
Neasham, who did not testify during the trial, commented on some of the prosecution”s arguments while the jury deliberated.
The MasterDex 10 was the top-selling product in 2008, according to Neasham. “There”s never any downside risk with the policy,” he said. “If there was a better product, I would have sold it.”
The agent could see up to four years in jail if convicted of the felony, according to Abelson. A special allegation in the case, if found true by the jury, could add one year to the sentence, she said.
Contact Jeremy Walsh at jwalsh@record-bee.com or call him at 263-5636, ext. 37.
