A former insurance agency operator in Bedford, New Hampshire, has pleaded guilty in federal court to wire fraud in connection with defrauding business clients.
Prosecutors say from October 2001 to September 2003, 54-year-old Raymond Douville, also known as Raye Ellen Douville, operated an insurance agency that catered to small, independently owned trucking companies. Many clients borrowed from a finance company to cover the cost of most of their annual insurance premiums.
An indictment said the finance company wired loan proceeds to Douville to be held in trust for her clients and to pay their insurance premiums. But Douville failed to pay the premiums and instead used the money for her personal benefit, which left clients uninsured, but still obligated to repay their loans to the finance company.
Prosecutors say Douville defrauded 12 New Hampshire businesses and embezzled over $100,000. She could face up to 20 years in prison at her sentencing, scheduled for April 14.
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