Former Texas insurance agent Chia Wang has been indicted for an allegedly defrauding an elderly woman in an insurance scam.
Wang is facing up to 99 years in prison and up to a $10,000 fine after a grand jury in Marion County indicted him this week for selling a fake life insurance policy to an 87-year-old woman, the Texas Department of Insurance reported.
Wang provided fake documents, convincing the woman that she had purchased a $400,000 life insurance policy. He went on to collect more than $192,000 in payments from her over two years.
“It’s a very sad story,” said TDI Fraud Chief Chris Davis. “The victim thought she was being responsible, taking care of her affairs, and instead someone was stealing a large portion of her life savings.”
The woman found out she never had a policy when she called the insurance company to ask if she had missed a payment. She had already written nine checks to Wang.
Wang is accused of theft and misapplication of fiduciary property. Both offenses were enhanced to first-degree felonies because of the victim’s age.
Source: TDI
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