Insurance Agent Waives Fraud Charges To Court: He Allegedly Bilked 25 Seniors Out Of $676,000 In Savings.

Oct. 24--Annetta Oswald and Reynard Seibert may never get their money back, but a lengthy prison sentence for the man they say took it may provide a sense of satisfaction.

The siblings, among 25 seniors allegedly bilked out of more than $676,000 by insurance agent Thomas B. Serfass, 54, of 4581 Jasmine Drive, Upper Saucon Township, spent part of Thursday morning in court, eager for another glimpse of the man Attorney General Tom Corbett says stole more than $50,000 from them.

"He could look you right in the eye and lie to you," Oswald said before Serfass faced District Judge David Harding in Coopersburg.

The pair, along with the son of another alleged victim, left the courtroom still waiting to see Serfass meet his fate. Through his attorney, Phil Lauer, Serfass waived his right to a pre-trial hearingl. Harding set his arraignment for 8:30 a.m. Dec. 8 in Lehigh County Court.

"We're trying to do what we can to resolve the charges and make restitution," Lauer said.

Serfass left the courtroom without responding to reporters' questions, deferring to Lauer.

Oswald, 76, and Seibert, 72, along with Curtis Dorwart -- whose mother, Betty Dorwart, allegedly lost the most to Serfass -- sat patiently in court, eyeballing the man whom they'd entrusted their nest eggs to.

Serfass sat silently facing Lauer, his back turned to them.

From 1998 to 2007, Serfass, operating as Thomas Serfass and Associates, allegedly sold fraudulent insurance policies and investment products to seniors ages 60 to 85, in some cases tapping into the victims' funds multiple times. He was arrested Sept. 9, 2008 by agents from the Attorney General's Insurance Fraud and Elder Abuse divisions, and was released on bail soon after.

Serfass faces 25 counts each of theft by deception, theft by failure to make required disposition of funds and insurance fraud; and one count of racketeering, a first-degree felony punishable by up to 20 years in prison.

Since all of his alleged victims were at least 60 years old, he could also be sentenced under state statute for committing crimes against the elderly, which mandates a minimum of one year in prison per victim, at the judge's discretion.

"He could be looking at quite a bit of time," Deputy Attorney General Gregg Shore said.

Serfass is accused of selling "asset protection" policies through a company called the Nevada Group, which is not a licensed insurance group within Pennsylvania. Thomas Serfass and Associates is not registered with the state Department of Insurance or state Securities Commission.

Oswald said Serfass guaranteed her a 10 percent return on her investments, which she made by drawing from her inheritance. Now, she sells home-baked items at flea markets to make ends meet.

"He even cashed my $10,000 life insurance policy; I don't even have life insurance to bury me," she said.

For her brother, Seibert, it's much the same story.

"He said I have too much in my bank account, you'll get more interest off of me, so I gave him an extra $10,000," the retired truck driver said.

According to the probable cause affidavit issued by Corbett, Serfass took $30,000 from Oswald and $25,500 from Seibert.

That's small change, though, compared to Dorwart. At more than $204,000, she lost the most to Serfass.

"He completely wiped out her life savings," said her son, Curtis Dorwart. "He took her for every dime and came back for more and more."

Shore said that some of the charges against Serfass require mandatory sentencing, while others do not.

"If convicted of theft by deception, he will have to do time," he said.