Ohio Former Agent Pleads Guilty to $70,000 Senior Insurance Scam

October 6, 2006

The Ohio Department of Insurance announced that its investigation has led to the guilty plea of former insurance agent James Moneypenny of Seville, Ohio.

Moneypenny, who pleaded guilty to insurance fraud, money laundering and securing writings by deception, defrauded an elderly couple of more than $70,000 in an annuities scam. His sentencing hearing is scheduled for November 10 in the Medina County Court of Common Pleas. The Department revoked Moneypenny’s insurance agent license on November 2, 2005.

After Moneypenny sold annuities to the couple, he told them the annuities had become profitable and convinced them to invest more money. Moneypenny presented the couple with a check, which they thought represented investment profits, but which was instead their investment principal. Moneypenny obtained the money by partially surrendering the policies without the couple’s knowledge. In addition, the couple wrote an investment check to put more money into annuities that Moneypenny instead used for his personal gain. A full reimbursement of more than $70,000 has been made to the couple

Source: Ohio Department of Insurance

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