The Department of the Treasury and the Internal Revenue Service released new guidance that is “designed to expand the use of income annuities in 401(k) plans.”
Jan. 07--A former insurance agent who continued to do business after he lost his license has agreed to plead guilty in federal court to stealing about $230,000 from two insurance companies, according to court documents.
Daniel F. Morrissey, 47, of Muskego managed Morrissey Agency in Brookfield until Sept. 29, 2010, when police searched the office. Six months earlier, Morrissey had agreed to the revocation of his license and not to engage in the insurance business.
Morrissey admitted in the plea agreement, which he signed late last month, that he billed members of the Wisconsin Group Insurance Trust, which provided insurance to professionals such as doctors, lawyers and accountants. Morrissey collected premiums for life insurance after the policy was canceled.
His agency sold a dental and vision plan to 392 members of the trust. He collected the premiums but did not pay the company. The policy was canceled, but Morrissey did not tell the members.
Under federal sentencing guidelines, Morrissey faces eight to 14 months in prison. The prosecutor will recommend a sentence of probation, according to the plea agreement.
Morrissey also agreed to pay $54,780 to AlwaysCare Benefits of Baton Rouge, La., and $182,000 to United States Life Insurance Company of New York. The case was investigated by the FBI in Milwaukee.
Morrissey is set to enter a guilty plea Jan. 24 before U.S. District Judge Lynn Adelman. No sentencing hearing has been set.
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