North Carolina Agency Owner Sentenced to 5.5 Years for $400K Loan Scheme

October 22, 2020

A North Carolina insurance agent has been sentenced to 5.5 years in prison in federal court after being found guilty of orchestrating a $400,000 fraudulent loan scheme involving insurance premiums, according to the U.S. Attorney for the Western District of North Carolina.

U.S. Attorney Andrew Murray, Robert R. Wells, special agent in charge of the Federal Bureau of Investigation (FBI), Charlotte Division, and Tommy D. Coke, inspector in charge of the Atlanta Division of the U.S. Postal Inspection Service, which oversees Charlotte, made the announcement regarding the sentencing of Glenda Taylor-Sanders, 52, of Matthews, North Carolina.

According to plea documents and the Oct. 20 court hearing, Taylor-Sanders was a licensed insurance producer and insurance broker, and the owner of G. Taylor, Inc., an insurance agency in Charlotte that procured insurance policies for customers, including transportation companies. In February 2018, Taylor-Sanders voluntarily surrendered all of her licenses issued to her by the North Carolina Department of Insurance (NCDOI) and acknowledged that she could no longer perform any activities for which a license from NCDOI is required, a statement from the U.S. Attorney’s Office in the Western District of North Carolina said.

Court documents showed that from February 2017 through May 2019, Taylor-Sanders defrauded an Illinois-based financial services company that provides companies with loans to pay for insurance premiums. Taylor-Sanders is reported to have executed the scheme by submitting fraudulent applications and related forged documents to the financial services company, purporting to be on behalf of her transportation company clients, for the purpose of obtaining loans to cover their insurance premiums.

Once the financial services company received the forged documents and approved the loans, the financial services company wired the loan proceeds to a bank account controlled by Taylor-Sanders. Court documents show that, over the course of the scheme, the financial services company wired to Taylor-Sanders more than $400,000 in fraudulently obtained loan proceeds, which the defendant used to pay for personal expenses and to further the fraud scheme.

According to the statement, court records showed that after some of the transportation companies began to receive communications from the financial services company about missed payment deadlines, “Taylor-Sanders went to great lengths to conceal the fraud, and continued to make false representations, including instructing the financial services company to only contact her, and assuring the impacted transportation companies that the issue had been resolved.”

Taylor-Sanders reportedly used the fraudulently obtained funds to make mortgage payments on her personal residence, loan payments for a Maserati and a Mercedes Benz, to purchase Carolina Panthers tickets, and to pay for groceries and meals at restaurants.

Taylor-Sanders received her 66 months prison sentence in federal court by U.S. District Judge Robert J. Conrad Jr.

Assistant U.S. Attorneys Caryn Finley and William Bozin, of the U.S. Attorney’s Office in Charlotte, prosecuted the case.

Source: Department of Justice, U.S. Attorney for the Western District of North Carolina

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