A Harris County District Court has convicted Leon “Randy” Sinclair III, of Houston, of first-degree felony Misapplication of Fiduciary Property, according to the Texas Department of Insurance. Sinclair was sentenced to serve 20 years in prison.
The conviction follows a 16-month-long investigation by TDI’s Fraud Unit.
Sinclair, a former insurance agent, convinced more than 30 elderly customers to liquidate insurance products and other assets and place the money in charitable gift annuity accounts. He then misappropriated more than $16 million from the accounts. Sinclair voluntarily surrendered his insurance license in 2010.
Harris County Assistant District Attorneys Harry Lawrence and Valerie Turner prosecuted the case in the 339th District Court.
Source: TDI
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