SAN DIEGO -- An insurance agent who persuaded two senior citizens to invest $95,000 in a fraudulent life insurance settlement scam he masterminded is facing up to a year in jail, authorities announced Friday.

An Aug. 20 sentencing date is set for Raymond Joseph Dohse, 48, who pleaded guilty last week to theft from an elder charges.

California Department of Insurance Commissioner Steve Poizner said Dohse, then a life insurance agent, persuaded a senior in October 2007 to invest $50,000 with him.

Dohse guaranteed the senior a 20 percent return on her investment over the next two years, Poizner said. Instead of investing the funds, Dohse kept the money for personal use, he said.

In March 2008, the senior citizen's adult children discovered the investment and requested that Dohse return the $50,000 to their mother.

They also reported the investment to the Department of Insurance, which launched an immediate investigation.

In April 2008, Dohse persuaded another senior to invest in his scheme. The defendant accepted $45,000 from the senior and diverted the money for his personal use, according to authorities.

Dohse used a portion of the funds to repay the senior citizen whose children had demanded a return of her investment, Poizner said.