Insurance agent couple accused in $250K scam
September 23, 2015 by IFAWebnews Staff
Two insurance agents from rural Minnesota have been charged with orchestrating an investment fraud scheme over the past seven years totaling $250,000.
Michaela “Kim” Kruger, 57, was charged with four counts of theft by swindle and Richard A. Kruger, 57, was charged with four counts of aiding and abetting theft by swindle.
The married couple operate the Kruger Insurance Agency out of their home in Paynesville, Minn.
The charges were filed in Stearns County after an investigation by the Minnesota Commerce Department’s Fraud Bureau.
The Krugers are to make their first court appearance Oct. 5.
The criminal complaint states that the Krugers convinced insurance and tax clients to invest in a product purportedly tied to a “custodial account” administered by the Krugers but was instead used for personal expenses.
The Krugers are alleged to have stolen more than $250,000 from 2008 to 2014.
Because of the statute of limitations, the Krugers are charged with stealing more than $85,000.
