Police arrested a Northridge insurance broker who investigators say made off with more than three-quarters of a million dollars from senior citizens and their families. Life insurance agent Ruben Echiverri Cu tricked five senior citizens and two clients into investing a total of $744,418 into corporations in which he issued promissory notes yielding high returns, but failed to make the payments, officials said. The California Department of Insurance also received a complaint from a elderly couple who turned to Cu for advice on insurance annuity investments. Investigators said Cu convinced the couple to refinance their mortgage-free home and invest $317,000 into Cu’s corporations. Cu, 56, then allegedly paid back only a small portion of the principal investment. Cu was arrested Oct. 31 and booked on five felony counts of grand theft and 15 felony counts of securities fraud. Bail is set at $1.7 million.
