Insurance Agent Charged with Defrauding Clients, Money Laundering
Smith is currently in custody on charges filed by the
The
According to the indictment, from at least
As alleged in the indictment, Smith requested payments be made payable to "
Further, Smith allegedly cancelled or cashed out clients' insurance policies or annuities without their knowledge or permission, and used the cash value and / or future premiums or payments for his personal benefit, including to pay his personal attorney's fees, his personal bankruptcy fees, and as purported annuity payments to other clients to prevent them from discovering that he had not purchased their annuities as promised.
If convicted, the statutory maximum penalty for each count of mail fraud (two counts) and wire fraud (one count) is 20 years in prison, and a fine of up to
Members of the public are reminded that an indictment is merely an accusation; the defendant is presumed innocent unless proven guilty.
LCSD2 retirees may pay higher health insurance premiums
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