Steven Edward Barnstetter
LOS ANGELES – 60-year-old Steven Edward Barnstetter allegedly embezzled over two million dollars during the past nine years and involving eighteen victims. His recent arrest put a halt to this scheme.
When some of Barnstetter’s clients were not able to cash in their annuities, an investigation began. This led to the discovery that he had issued fake policies and kept the premiums for himself.
LifeCo was the business name and “the AIIA Group” was the name under which he sold his “products.” Most of his clients were seniors.
The stickler was that Barnstetter’s life insurance agent license expired in 2013 and he did not renew it.
Although bail was set at $715,000, authorities filed a “1275 bail motion,” which requires the arrestee to prove that the funds he uses to post bail not come from his stolen money.
