A Fort Worth man faces ten years in federal prison following a conviction for insurance fraud, the Insurance Department of Texas reported.
Caleb Deason, an insurance agent for Transamerica Life Insurance Co., was convicted on charges of wire fraud and money laundering in a two-day trial before U.S. District Judge John McBride in December 2013.
On April 3, 2014, Deason was sentenced to ten years in federal prison by Judge McBride. In addition to his prison sentence, Deason was ordered to pay $99,491 in restitution.
The conviction follows an extensive investigation by TDI’s fraud unit, working with the U.S. Secret Service and the U.S. Attorney’s Office in Dallas. Deason was found to have sold a $1 million life insurance policy and subsequently, upon the death of the policyholder, diverted the death benefit funds to his own bank account for his personal use.
“Insurance fraud is a crime that will not be tolerated in Texas,” said Neftali Carrasquillo, Director of TDI’s Fraud Unit. “Our investigators and special prosecutors are working tirelessly with local law enforcement to combat this problem that affects all policyholders.”
In Fiscal Year 2013, the TDI Fraud Unit investigated more than 500 cases of alleged insurance fraud. A total of 222 investigations were referred for prosecution, resulting in 108 indictments, 130 final dispositions, and total restitution of more than $2.5 million. Since 2005, a total of more than $8.5 million in restitution has been ordered in cases prosecuted by TDI Special Prosecutors.