Identity theft is a global epidemic afflicting millions of consumers every year. But consumers aren’t the only entities at risk. So are businesses, including financial advisors of all types. Here’s a case in point.
According to the California Department of Insurance, Eugene Shy-Ren Hsu, 31, was arrested in December 2013 and charged with using another agent’s identity to obtain a credit card. He also used that identity to apply for life insurance policies without consumer knowledge, netting tens of thousands of dollars in bogus commissions.