A former insurance agent from Southern California will spend three years in prison for defrauding five senior citizens out of more than $300,000.

Mark Brashear, 48, pleaded guilty to two felony counts of grand theft against an elder and was recently sentenced, according to the California Department of Insurance.

Brashear’s alleged schemes took place between February 2004 and August 2005, when he initially invested his senior clients’ money into a legitimate annuity account as they requested. After a period of time, Brashear persuaded them to invest in American First Fidelity, promising higher returns.

He failed to disclose that he was the owner of American First Fidelity and that the seniors’ investments would not be in an annuity. An investigation by the insurance department further discovered that Brashear used the victims’ money for personal expenses as the victims’ funds were not placed into any legitimate investment.

Brashear’s five clients incurred losses of more than $300,000.

“Let this be a warning to anyone who attempts to take advantage of California consumers – we will find you, and we will prosecute you,” said Commissioner Steve Poizner said in a statement announcing charges against Brashear. “Swindling California seniors out of their savings is unacceptable, and the Department of Insurance will continue to crack down on unscrupulous agents.”