A Fort Myers, Fla., insurance agent had his license revoked following allegations he convinced a senior investor to surrender $70,000 in annuity policies and instead, placed the money into his own bank account.

Shane D. Watkins, 37, was arrested May 12 in North Carolina on charges stemming from an investigation by the Florida departments of financial services, agent and agency services and legal services, according to Alex Sink, head of Florida’s financial services department.

Watkins allegedly convinced a client over the age of 65 to surrender a pair of annuity policies worth $70,000 and advised the client that he would establish an investment account to provide a larger month income, according to Sink’s office.

A former agent with Bankers Life and Casualty Co. of Chicago, Ill, Watkins is accused of placing the funds into his personal bank account and fleeing the state when confronted by the victim.

In addition to license revocation, Watkins will be permanently banned from Florida’s insurance industry and if convicted, he faces up to 30 years in prison.

“Financial fraud has devastating consequences, especially for seniors who live on a fixed income,” Sink said in a statement. “This is a perfect example of why I created the Safeguard our Seniors Task Force – to develop solutions to better protect senior citizens from becoming victims of financial fraud.  I applaud the hard work of those in the Department of Financial Services who were able to stop this scam, and will continue to fight for tougher penalties against unscrupulous agents who prey on Florida’s seniors.”