Ohio Department of Insurance Director Mary Jo Hudson reported that on Sept. 01, 2009, former Maineville insurance agent William R. Appleton, II, was sentenced in United States District Court to 97 months imprisonment for one count of mail fraud and 60 months imprisonment, to be served concurrently, for one count of income tax evasion.
He was also ordered to pay $6,281,252 in restitution to his victims, including $1,099,267 to the Internal Revenue Service. Last March, Appleton pled guilty to one count of mail fraud and one count of tax evasion after he defrauded at least ten victims out of nearly $5 million.
A joint investigation conducted by ODI and members of the FBI and IRS revealed that from 2003 to 2007, Appleton posed as an investment advisor and convinced insurance clients to invest inheritance proceeds and money from their insurance products in the financial markets.
Instead of investing his customer’s money as promised, the department said Appleton transferred the funds to his personal bank accounts and used the funds for personal living expenses, the operation of his companies, and payment to earlier investors who were seeking to withdraw funds from their accounts.
Appleton surrendered his insurance license on May 2, 2008.
Source: Ohio Department of Insurance, www.insurance.ohio.gov
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