Former New York Life Agent Sentenced to Prison in $2.8 Million Fraud Scheme
August 14, 2019 by Frank Klimko
BALTIMORE – A former New York Life insurance agent and financial planner was sentenced to prison after pleading guilty to collecting $2.8 million in a fraudulent scheme, prosecutors said.
Jonathan Williams, a former Maryland insurance agent and financial planner with New York Life, was sentenced to 57 months in federal prison and ordered to pay $2.8 million in restitution by Judge Deborah Chasanow, of the U.S. District Court for the District of Maryland. Williams pleaded guilty to a wire fraud charge in connection with the scheme, said U.S. Attorney for the District of Maryland Robert K. Hur.
Williams admitted that from 2009 to 2015, he deceived New York Life customers by selling them products that did not exist or by receiving unauthorized direct payments, Hur said, noting that instead of providing the promised products, Williams used the victim funds to support his own lifestyle.
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