Prison time in Va. for man guilty of nationwide life insurance scam
January 21, 2015 by IFAwebnews Staff
A California man has been sentenced by a U.S. District Court in Richmond, Va., to spend the nex 6.5 years in prison for his role in a life insurance scheme involving nearly 1,000 people across the country.
According to federal prosecutors, 50-year-old Joseph Giovanni Santiago of Los Angeles also was ordered to pay more than $1.3 million in restitution to two insurance companies.
Santiago pleaded guilty in October to conspiracy to commit mail fraud.
According to court documents, Santiago was the founder of an entity that purported to provide faith-based debt restructuring and other services, as well as a separate non-profit, religious organization.
Prosecutors say that Santiago admitted that he and co-conspirators recruited individuals to make false applications for life insurance and collected the advanced commissions paid for the sale of the policies.
