Friday, December 7, 2012
An insurance agent named Howard Jackson from Oceanside, California pleaded guilty to scamming clients out of $300,000 in a refinancing scheme. Jackson was sentenced to one year in jail and ordered to repay $399,099 to the people that he stole money from. Jackson persuaded his clients "to refinance their homes and invest the proceeds in life insurance policies and a company he was associated with." In his scheme, Jackson would then use the money that his clients invested to pay the first year of premiums on the policies that they purchased and then pocketed the remaining money. His scheme was finally uncovered in 2011 when one of his clients discovered that he had embezzled $80,000 in insurance premiums.
See Oceanside Man Sentenced For Scam: Howard Jackson Bilked Out of More Than $300K, ABC 10News, Dec. 5, 2012.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.