Ex-New York Life Advisor Who Stole $1.3M Sentenced To 11 Years In Prison

NEW BERN, N.C. (WNCN) - A Raleigh financial advisor was sentenced Thursday to 11 years in prison for fraud and identity theft charges after he stole more than $1.3 million from an elderly woman he advised, the Department of Justice said.

Furman Alexander Ford, 52, was convicted in March 2021 of 11 counts of mail fraud, 11 counts of wire fraud, and two counts of aggravated identity theft. According to the DOJ, he was advising a 72-year-old woman who had inherited real property valued at $1.3 million.

Ford, who worked for New York Life, assisted in the sale of the property and in setting up a charitable annuity trust. Part of his responsibility as the victim's financial agent included drafting and submitting letters of withdrawal from the client's annuity account to pay for certain expenses, a news release said.

Agents identified 20 separate fraudulent letters of withdrawal that Ford had drafted and submitted to the NYL headquarters on behalf of the victim. All were mailed by him from his Raleigh office. Funds requested ranged from $5,000 to $45,000 and totaled more than $376,000, the DOJ said.

Funds were then electronically wired by NYL to Ford's personnel checking account. The FBI traced the funds to the purchase of items including a BMW, Rolex watches, firearms, child support, and a cruise to the Bahamas.

On Dec. 29, 2014, Ford withdrew $1 million from the account, the release said.

In total, Ford stole more than $1.3 million, the DOJ said. He was sentenced to 11 years in prison on Thursday. The DOJ said in March 2021 that the maximum penalty he faced was 37 years behind bars.