Ohio Department of Insurance Director Mary Jo Hudson announced that former Ohio insurance agent Damon Bryan of Medina has been sentenced to seven years in prison by Judge Christopher Collier of the Medina County Common Pleas Court after pleading guilty to nine counts of felony theft, which included theft from the elderly.
Bryan will also be on probation for five years after his prison sentence is concluded.
A department investigation revealed that in 2007, Bryan took $685,000 in unauthorized loans from nine of his clients’ annuity policies, deposited it into his account and used the money for his own purposes.
Bryan voluntarily surrendered his insurance license in May 2007 and was indicted on 27 felony counts in August 2009 in the Medina County Common Pleas Court.
He then fled the country to Bucerias, Nayarit Mexico, where he was apprehended by U.S. Marshalls in 2009.
Bryan was extradited from Arizona to Ohio in January 2010.
Source: Ohio Department of Insurance
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