☷Former Insurance Agent Pleads Guilty to Defrauding Client of More Than a Million Dollars
Federal Bureau of Investigation ( By Press Release office)
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Former Insurance Agent Pleads Guilty to Defrauding Client of More Than a Million Dollars TUCSON , Ariz . – Koreasa M . Williams , 49 , of Tucson , Arizona , pleaded guilty last week to defrauding an elderly annuity client of more than $1 , 300 , 000 . Williams , formerly licensed in Arizona to sell life and health insurance , pleaded guilty to two counts of Wire Fraud , each of which carries a maximum penalty of 20 years in prison and a $250 , 000 fine . Sentencing is scheduled for July 5 , 2022 , before United States District Judge Jennifer G . Zipps . Williams admitted she engaged in two separate schemes to defraud her client . In the first scheme , Williams admitted to inducing her client to cash in several life insurance policies in order to invest the proceeds in annuities to be procured by Williams . Williams admitted that over a period of six months in 2019 , she fraudulently convinced her client to give her $1 , 200 , 000 . Instead of investing that money for her client , Williams used almost $900 , 000 to pay victims of a prior unrelated annuity fraud scheme in an attempt to avoid criminal charges . Williams subsequently pleaded guilty to wire fraud in that unrelated fraud scheme and was sentenced to 51 months in prison in December 2021 . Williams used the remaining $300 , 000 to pay her attorney’s fees for the unrelated fraud scheme and to settle a civil suit brought by another client . In the second scheme , Williams admitted to inducing her client to dissolve a charitable foundation and place more than $124 , 000 in an entity controlled by Williams . Williams was to hold the funds until a new entity could be established to receive the money that would then be used to care for her client’s disabled adult daughter . However , Williams never established the new entity and instead diverted more than $118 , 00 to her own use and benefit . The FBI , Tucson Resident Agency , conducted the investigation in this case . Assistant U . S . Attorneys Wallace H . Kleindienst and Mary Sue Feldmeier , of the Financial Crimes and Public Corruption section of the U . S . Attorney’s Office , District of Arizona , Tucson , handled the prosecution . CASE NUMBER: CR - 21 - 03136 - TUC - JGZRELEASE NUMBER: 2022 - 057_Williams# # #For more information on the U . S . Attorney’s Office , District of Arizona , visit http://www . justice . gov/usao/az/Follow the U . S . Attorney’s Office , District of Arizona , on Twitter @USAO_AZ for the latest news .
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