Texas Woman In Federal Prison On Fraud Charge
By Mitch Mitchell, Fort Worth Star-Telegram |
Redonda Russell, 68, of
Russell stole more than
A federal judge also ordered Russell to pay
Russell was employed at First Command for 22 years and worked for seven years as associate director of client services before leaving in 2013, prosecutors said.
On
For more than a year, Russell obtained identifying information on 18 First Command clients, eight of whom were dead, court documents stated. After drafting documents that gave her control over the accounts, Russell got subordinates to validate the false documents with a medallion signature stamp, which is like an electronic signature and tends to draw less scrutiny because of its wide acceptance in the industry.
Russell mailed the fraudulent documents to the investment or insurance companies that maintained the accounts and gained control over them. Russell later sent the partner companies documentation that caused them to either liquidate or take out a loan against the targeted accounts, prosecutors said.
Russell took the proceeds from the account liquidations or loans and deposited the money into one of her personal accounts using different signatures, all of which included the last name Russell.
The maximum sentence for a wire fraud charge is 20 years in prison, a
This report includes material from the
Twitter: @mitchmitchel3
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