Iowa Insurance Agent Gets 15 Years for Bilking Elderly

September 24, 2009

A federal judge in Cedar Rapids, Iowa, has handed a 15-year prison sentence to a Waterloo insurance agent convicted of fraud in the bilking of elderly clients.

U.S. District Judge Linda Reade opted to go beyond the maximum recommended sentence when she sentenced Jack Straw on Sept. 22.

Reade said sentencing guidelines didn’t address the hardship Straw caused for his victims. The guidelines recommended a punishment in the neighborhood of eight to 10 years.

Straw was accused of bilking clients out of at least $1 million. He pleaded guilty in February to seven fraud and money laundering charges.

Prosecutors claimed Straw withdrew clients’ funds, forged signatures on documents, and sold land in South Dakota that belonged to a client.

U.S. Marshals took Straw into custody immediately after he was sentenced.

Information from: Waterloo-Cedar Falls Courier,

Topics Agencies Iowa

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