Owners Of St. Louis Insurance Company Sentenced In $3M Fraud
By Joe Holleman, St. Louis Post-Dispatch | |
McClatchy-Tribune Information Services |
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U.S. District Judge
In court files, prosecutors said that from 2004 to 2010, the pair engaged in "systematic looting of retirement funds and life savings" of elderly people, most without children or other heirs.
Prosecutors said the men visited the women's homes and brought snacks, while promising that their money would be used to invest in annuities, stocks, and bonds.
Instead, the money went for their personal use, "enjoying nice lifestyles, including
Some victims submitted letters to the court. One woman wrote, "They probably didn't think I'd live as long as I have, but I am glad I am still alive for this day of sentencing."
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