Grand Jury Indicts Former Life Insurance Agent For Fraud
The indictment alleges that between
The indictment alleges Bazemore solicited elderly individuals to apply for policies by representing that the life insurance was an investment with no financial cost or exposure and would result in a sizable monetary benefit to the individuals' heirs. Bazemore would then prepare the applications and related documents, on behalf of the applicants, that contained forged signatures and falsified financial information to induce the life insurance companies into issuing the policies. Bazemore is also alleged to have submitted the false and fraudulent applications and related documents to financial institutions to obtain premium financing on the policies. In fact, the indictment alleges that the applicants were of modest financial means and that the policies were obtained for the purpose of being transferred to investors. Bazemore had agreements with insurance companies and managing agents which provided that he would receive, for each policy issued on an application he submitted, a commission of 95 to 105 percent of the first year's premium paid on the policy.
An indictment is an accusation by a federal grand jury, and a defendant is entitled to the presumption of innocence unless proven guilty. Upon conviction, however, the maximum statutory sentence for each count of mail fraud is 20 years in federal prison, a
The indictment also contains a penalty enhancement, alleging that Bazemore committed these offenses while he was on pre-trial release in the prior securities fraud case. Under this penalty enhancement, Bazemore is subject to an additional 10 years' imprisonment to run consecutive to any sentence that he may receive on any of the mail fraud counts.
Today's announcement is part of efforts underway by
The case is being investigated by the
Copyright: | (c) 2011 Federal Information & News Dispatch, Inc. |
Source: | Federal Information & News Dispatch, Inc. |
Wordcount: | 601 |
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