Insurance Commissioner John Garamendi announced Thursday the arrest of a former Northridge insurance agent who allegedly took more than three quarters of a million dollars from senior citizens and their families for investments and annuities, then never made the promised investments.

Ruben Echiverri Cu, 56, was arrested by investigators at his Northridge home on Oct. 31 and was charged with five felony counts of grand theft and 15 felony counts of securities fraud. Bail was set at $1.17 million.

“Let this be a warning to anyone who is even thinking of perpetrating fraud against California’s seniors,” said Garamendi. “You will be caught.”

In August 2004 the California Department of Insurance received a complaint from Shirley, 77, and Howard Horlick, 80, alleging that Cu had offered to advise them on insurance annuity investments. Instead, they were convinced to refinance their mortgage-free home and invest a total of $317,000 into Cu’s corporations for a return of 14% to 20% on their investment. Cu paid back only a small portion of their principal investment.

Cu allegedly accepted over $774,418 from five senior citizens and two other clients in similar schemes, the CDI said.