Annuity salesman sentenced to 19 years in what prosecutors call epic 17-year fraud scheme
June 20, 2024 by Lee Rood
On Wednesday, federal court Judge Rebecca Goodgame Ebinger sentenced Flaherty to 19 years in prison, a rarity for a so-called white-collar crime. U.S. Attorney Richard Westphal’s office had sought a harsh sentence of 17½ to 20 years in part because of the number of vulnerable seniors Flaherty swindled and his lack of remorse.
The judge also ordered Flaherty to pay more than $2.4 million in restitution in a case in which losses totaled at least $3.1 million.
Wink’s Moore on the Market: I don’t think this is a common occurrence in the world of insurance. However, I have two agents behaving badly with annuities, in a matter of two months- in my backyard! That doesn’t bode well for the nation’s insurance capital… sjm
Originally Posted at Des Moines Register on June 12, 2024 by Lee Rood.
Categories: Industry Articles