Complimentary Report: What Makes Someone Buy An Annuity?

Take the next big step in your career.

Take the next big step in your career.

Take the next big step in your career.

Estate Planning Failures of the Rich and Famous V

INN Blog

More Posts
 

Missouri Man Charged With Fraud

By Robert Patrick, St. Louis Post-Dispatch
McClatchy-Tribune Information Services

June 25--ST. LOUIS -- Federal prosecutors on Wednesday accused a Wentzville man of defrauding investors with promises of guaranteed returns and lining his own pockets with more than $570,000 in commissions.

James Staley, 39, ran Wealth Financial International and was also a sales agent for a California company named B & B Equity.

Staley sought out investors to "provide loans for life insurance policies," prosecutors said. In many cases, money from multiple investors was bundled to buy one life insurance policy. Staley told investors that the bundled life insurance policies would be sold on the open market, prosecutors said, but didn't tell them that if the policies couldn't be sold, investors would lose their money.

In all, Staley convinced 11 people to invest $3.4 million with B & B, prosecutors said, earning himself over $570,000 in commissions.

Staley was indicted May 24, and a superseding indictment was filed June 18 that charged him with three felony counts of wire fraud. The case was sealed until his arrest Tuesday.

His lawyer did not immediately return a call seeking comment.

Robert Patrick covers federal courts and federal law enforcement for the Post-Dispatch. Follow him on Twitter: @rxpatrick.

___

(c)2014 the St. Louis Post-Dispatch

Visit the St. Louis Post-Dispatch at www.stltoday.com

Distributed by MCT Information Services

Wordcount: 213



USER COMMENTS:


  More Life Insurance News

More Life Insurance News >>
  Most Popular Life Insurance News

More Popular Life Insurance News >>
Hot Off the Wires  Hot off the Wires

More Hot News >>

insider icon Denotes premium content. Learn more about becoming an Insider here.