A Texas man has been ordered to serve more than seven years in prison and repay nearly $583,000 over investment fraud.
A federal judge sentenced 33-year-old Timothy Fry of Amarillo.
Fry in July pleaded guilty to money laundering in what prosecutors say was an insurance scam in which annuities were sold to mainly elderly investors.
Fry’s mother, 60-year-old Janice Edwina Demmitt, was convicted in August of conspiracy to commit money laundering, eight counts of wire fraud and 11 counts of money laundering. No sentencing date has been set for Demmitt.
According to Texas Department of Insurance records, Demmitt held a general lines agent license for life, accident, heath and HMO insurance. A search of TDI’s database found no active license for Timothy Fry.
Investigators say the mother and son, as registered agents of Allianz Life Insurance Co. of North America, used the investment funds for their personal expenses.
Topics Texas
Was this article valuable?
Here are more articles you may enjoy.
Danone US Sues Chobani Over High-Protein Yogurt Labeling Claims 
Mississippi Insurance Dept. Top Examiner Named in $90M Credit Union Theft Suit 
Wall Street Is Gaining Access to New Catastrophe Models to Help Predict Wars 
Read 14-Point Draft Memorandum of Understanding Between the US and Iran 
