Prosecutors in San Bernardino County accused a former insurance agent from Lake Forest of trying to steal more than $47,950 from elderly clients, state officials said Monday, May 2.

Alan Douglas Armstrong, 56, faces five felony counts of theft from an elder in a case initially filed in San Bernardino County Court in February, according to court documents. He was formally arraigned Monday in connection with crimes that allegedly took place between December 2018 and April 2019.

The California Department of Insurance began investigating the previously licensed agent’s dealings after receiving a complaint from the child of one of his clients, CDI officials said in a news release Monday. They learned that their parents had withdrawn cash from their annuities to personally loan Armstrong more than $47,950.

Investigators also found that Armstrong had persuaded clients to withdraw funds from one annuity, and purchase another days later. That caused victims to incur more than $24,000 in surrender fees.

“It is heartbreaking to think that people prey on the elderly to allegedly steal from their hard-earned nest eggs,” California Insurance Commissioner Ricardo Lara said in a statement Monday.

Department of Insurance officials also accused Armstrong of falsely claiming his clients would make back more money than they were penalized for by financing his investments. He told them they were listed as beneficiaries in a $500,000 policy as collateral, but that policy did not exist, CDI officials said in their news release.

Orange County Sheriff’s deputies arrested Armstrong April 28. He attended an arraignment hearing Monday, and remained in custody in lieu of $102,500 bail, according to inmate records. The Department of Insurance revoked his license on March 9.

It was not immediately clear from online records if an attorney had been assigned to defend him.