A Harris County District Court has convicted Leon “Randy” Sinclair III, of Houston, of first-degree felony Misapplication of Fiduciary Property, according to the Texas Department of Insurance. Sinclair was sentenced to serve 20 years in prison.
The conviction follows a 16-month-long investigation by TDI’s Fraud Unit.
Sinclair, a former insurance agent, convinced more than 30 elderly customers to liquidate insurance products and other assets and place the money in charitable gift annuity accounts. He then misappropriated more than $16 million from the accounts. Sinclair voluntarily surrendered his insurance license in 2010.
Harris County Assistant District Attorneys Harry Lawrence and Valerie Turner prosecuted the case in the 339th District Court.