Graft and gratitude
By Harry Lew | Published February 26, 2009
From Senior Market Advisor News Desk
A Connecticut insurance agent has pleaded guilty to embezzlement after plundering her employer s checking account to pay for personal expenses. The agent is expected to receive three years in prison and five years of probation. The woman had only a 10th-grade education, but was hired by the agency owner when she was 18. With the owner s mentoring, she became a licensed insurance agent. She repaid him by stealing $130,000 from the agency over a three-year period.
A Texas advisor was sentenced to 60 years in prison for defrauding state investors of at least $2.6 million. The advisor convinced clients to invest in bank credit instruments allegedly located in Nassau, Bahamas, Germany and Switzerland. The advisor claimed he had access to so-called prime banks, which allowed him to purchase special financial instruments on behalf of investors. Under the scheme, the advisor promised returns of up to 30 percent per month. He met those obligations by paying early investors with money raised from new investors.
A Maryland insurance agent pleaded guilty to felony insurance fraud. He will be sentenced in April 2009 and required to pay $296,397 in restitution. The agent submitted false information to a health insurer in order to reduce the premiums charged to his clients. Then he collected an inflated amount from his clients, sending reduced premiums to the carrier and keeping the difference.
Harry Lew is the communications and content director for the National Ethics Bureau.
c) 2008 Senior Market Advisor. A Summit Business Media publication. All rights reserved. www.summitbusinessmedia.com
From Senior Market Advisor News Desk
A Connecticut insurance agent has pleaded guilty to embezzlement after plundering her employer s checking account to pay for personal expenses. The agent is expected to receive three years in prison and five years of probation. The woman had only a 10th-grade education, but was hired by the agency owner when she was 18. With the owner s mentoring, she became a licensed insurance agent. She repaid him by stealing $130,000 from the agency over a three-year period.
A Texas advisor was sentenced to 60 years in prison for defrauding state investors of at least $2.6 million. The advisor convinced clients to invest in bank credit instruments allegedly located in Nassau, Bahamas, Germany and Switzerland. The advisor claimed he had access to so-called prime banks, which allowed him to purchase special financial instruments on behalf of investors. Under the scheme, the advisor promised returns of up to 30 percent per month. He met those obligations by paying early investors with money raised from new investors.
A Maryland insurance agent pleaded guilty to felony insurance fraud. He will be sentenced in April 2009 and required to pay $296,397 in restitution. The agent submitted false information to a health insurer in order to reduce the premiums charged to his clients. Then he collected an inflated amount from his clients, sending reduced premiums to the carrier and keeping the difference.
Harry Lew is the communications and content director for the National Ethics Bureau.
c) 2008 Senior Market Advisor. A Summit Business Media publication. All rights reserved. www.summitbusinessmedia.com
