An insurance broker who took money from elderly investors to cover his gambling addiction was sentenced to nearly three years in prison, a federal prosecutor said.
Majid Aziz, 41, pleaded guilty to mail fraud and was sentenced Friday by U.S. District Judge Sarah Evans Barker, who also imposed three years of supervised release.
Barker also ordered Aziz, who now lives in southern California’s Orange County, to pay $464,460 in restitution and obtain treatment for his gambling addiction.
Allianz Life Insurance Co. contacted the FBI in October 2004 with suspicions that Aziz, one of its independent agents in Indianapolis, was defrauding clients, U.S. Attorney Susan W. Brooks said in a news release.
An FBI investigation found that Aziz, who sold loan products for eight different insurance companies, took nearly $475,000 between 2000 and 2003 from three sets of clients who had previously bought legitimate products from him.
The victims who invested money with him were in their 70s, the FBI said.
“The FBI is committed to investigating allegations of fraud, particularly fraud perpetrated on the elderly,” FBI Special Agent in Charge Keith Lourdeau said in the release.
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