Mass.: Milford Man Indicted for Stealing Nearly $400,000

A suspended insurance broker will be arraigned on larceny charges in Worcester, Mass. Superior Court on Friday according to District Attorney Joseph D. Early Jr.

Michael J. Minnehan, 60, of 76 West St., Milford, was indicted last week by a Worcester County Grand Jury, charged with three counts of larceny over $250 by common scheme, victim 60 or older; two counts of larceny over $250 by common scheme; and four counts of impersonation of an insurance agent or broker.

“The evidence presented to the grand jury showed a nine-year pattern of misappropriating money entrusted to Mr. Minnehan by clients,” Early said. “The total funds allegedly stolen in the scheme amount to about $400,000.”

Minnehan was a licensed insurance agent/broker in the 1990’s. The indictments allege that, beginning in August of 1997 and until March of 2007, Mr. Minnehan stole money that had been entrusted to him by clients. According to the Massachusetts Division of Insurance, Minnehan agreed to a 10-year revocation of his agent’s/broker’s license, effective May 30, 2000.

The indictments allege that since his suspension in 2000, through March of 2007, Minnehan continued to portray himself as a licensed insurance agent/broker, or as being engaged in the insurance business.

The indictments also allege that after his license was revoked, Minnehan continued to solicit money under the false pretense that he would invest the money in annuity accounts. The indictments allege that Minnehan instead diverted the money to his own bank accounts for his own use.

Source: Office of the District Attorney, Worcester, Mass