Scott Akashi, a previously licensed Oahu insurance agent, pleaded no contest Thursday to 11 counts of second-degree theft for defrauding two elderly clients of more than $38,000.

Akashi, 31, was accused of persuading an 88-year-old woman to withdraw $30,000 of her life insurance policy and place it into a separate bank account. From that account, Aka­shi had the woman write checks to him for what he explained would be for a better investment.

He is also accused of selling a $50,000 annuity to a 90-year-old man and persuading him to withdraw more than $5,000 from the annuity to get a better return. Aka­shi later approached the man again to do the same.

Both victims were prior clients of Aka­shi and contacted years later to do these transactions.

The Hawaii Insurance Division said to call the Insurance Fraud Hotline at 587-7416 for more information on insurance fraud.