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
Was this article valuable?
Here are more articles you may enjoy.
Georgia Appeals Court Reverses $345M Judgment Against Insurers in School Sex Abuse 
US Offers $20 Billion Reinsurance Plan to Spur Gulf Oil Flow 
NC Insurance Agent Posts Statement After Arrest on Embezzlement Charges 
Georgia Teacher Killed When Toilet Paper Prank by Students Goes Wrong 
