A couple was arrested Tuesday morning in what authorities called a life insurance scam that resulted in the theft of $1 million.
Peter Muh Kim, 39, of La Cañada Flintridge, and his wife, Jin Kyung Kim, 35, were arrested and booked under suspicion of three felony counts of grand theft and three felony counts of insurance fraud, according to a statement released by the states Department of Insurance.
Peter Kim, a licensed insurance agent, allegedly used the insurance of one of his terminally-ill clients to receive $1 million.
An investigation by the department revealed that Peter Kim allegedly sold two insurance policies to his wife, Jin Kim, and falsely listed her as a niece and beneficiary of his insured, terminally-ill client, the statement said.
During the same time, Jin Kim allegedly purchased another life insurance policy for the same insured client, and falsely listed herself as the sister and beneficiary of the terminally-ill individual.
Throughout these dealings, the statement alleges, Peter Kim is suspected of intentionally neglecting to report his clients terminal illness diagnosis to the insurance companies.
The couples scheme was complete when the terminally-ill client died in July 2014, and the insurance companies paid Jin Kim over $1 million in life insurance proceeds, the statement said.
“To those contemplating insurance fraud, let this be an example that this crime is a felony,” said Dave Jones, the states insurance commissioner in the statement.
Online county jail records Tuesday showed Peter Kim was booked at the Inmate Reception Center in Los Angeles while Jin Kim was booked at the Lynwood County Jail.
Bail is set at $460,000 for each of them.
An arraignment date was pending.
An online database of insurance agents licenses show that Peter Kim holds an active license for “Life and annuities,” which expires next August.
Related Articles
- LA man pleads no contest to attack of 75-year-old, sentenced to 7 years to life in prison
- Long Beach man gets life without parole for role in robbing, killing woman in Montrose
- Southern California man at center of tainted flute investigation arrested on child exploitation charges
- This man will spend life in prison for a marijuana conviction unless Donald Trump or the Supreme Court helps him
- Dine-and-Dash Dater faces 4 new felony counts
[contf] [contfnew] 
daily news
[contfnewc] [contfnewc]
