A Santa Barbara judge sentenced a Camarillo man to 16 years and 8 months behind bars for what prosecutors called “a sprawling investment scheme that targeted elderly and vulnerable victims across the state.”
In handing down the sentence earlier this month, Judge Pauline Maxwell also imposed a $1.3 million fine on Brett Edward Lovett, 53, according to Casey Nelson, senior deputy district attorney,, who prosecuted the case.
A jury in March convicted Lovett of 29 felony counts, including engaging in fraudulent securities schemes, theft from an elder or dependent adult, grand theft, theft by false pretenses, first-degree residential burglary, forgery and money laundering.
Lovett was found guilty of committing a years-long series of thefts and frauds against older members of the Kingdom Hall of Jehovah’s Witnesses in Carpinteria and others.
Collectively, his victims lost more than $500,000, according to estimates.
Investigation Spanned 15 Months
Investigators with the California Department of Insurance arrested Lovett in October 2017, culminating a 15-month probe.
He was released on bond shortly thereafter, but was booked into the Santa Barbara County Jail after a hearing in mid-May of this year.
He remained in custody without bail on Friday pending transfer to state prison.
The Santa Barbara County Probation Department recommended Lovett be sentenced to 24 years and 8 months in prison, while prosecutors had requested 28 years and 8 months.
Lovett’s Crimes Occurred between 2010 and 2016
Lovett’s crimes in the current case occurred between 2010 and 2016. They involved five victims, some of whom were left homeless and destitute by his actions.
After befriending his victims, Lovett would encourage them to turn over their funds to him to invest, claiming he could get them high returns with low risk, according to investigators.
He often would get them to sign promissory notes and powers of attorney allowing him to conduct their financial affairs.
“He then misappropriated the funds for his own personal use, and/or to repay some of the victims who pressured him to refund their money,” according to the pre-sentencing report from the Probation Department.
Lovett Had Previous Pattern of Fraud
Investigators also discovered that Lovett’s pattern of financially defrauding individuals and members of the church he attended dated back to 2002.
In 2007, doing business as Northwest Asset Fund, he was ordered to pay more than $635,900 in restitution and sanctioned in a fraud action brought by the U.S. Commodity Futures Trading Commission, according to the report.
“Between October 2002, and August 2005, Lovett fraudulently solicited at least $495,000 from at least four individuals affiliated with his church, purportedly for trade commodity futures, through false promises of high returns with a low risk investment,” the report states.
Probation officials recommended that Lovett be ordered to pay restitution to his victims totaling $453,541 to $551,309 in the current case.
Restitution for Lovett’s victims will be determined at a later date, Nelson said.
“This former insurance agent gained his victims’ trust to steal their live savings, violating his fiduciary responsibility and the law,” state Insurance Commissioner Ricardo Lara said in a press release.
“This sentencing serves as a reminder to all that our department and our law enforcement partners are committed to protecting our seniors and getting them the justice they deserve.”