A former insurance agent from Palm Harbor was arrested for allegedly running a scam aimed at seniors where details of financial products were misrepresented, according to the office of Florida Chief Financial Officer Jeff Atwater.
Neal Seth Smalbach, 49, was charged with grand theft after an investigation by the state Department of Financial Services Division of Insurance Fraud revealed Smalbachs misrepresentations resulted in an estimated $4.6 million being invested by seniors in products that were unsuitable for them, the CFO office reported.
