A former Iowa insurance coverage agent and annuity salesman was sentenced to 19 years in jail for defrauding aged people out of their retirement financial savings.
A federal choose on Wednesday sentenced Zach Flaherty, age 47, of Clive, to 222 months for wire fraud and one other six months for contempt, for a complete of 228 months, or 19 years.
Flaherty pleaded responsible in November 2023 to wire fraud costs. In response to the U.S. Lawyer’s Workplace of the Southern District of Iowa, Flaherty admitted to partaking in a scheme to defraud a few of his insurance coverage purchasers, particularly, that he meant to defraud a few of his purchasers by making false statements to these purchasers to acquire monetary advantages for himself to the detriment of his purchasers.
In a single case, Flaherty informed one of many victims that he would make investments proceeds from the sale of her home on her behalf and for her profit, despite the fact that Flaherty knew that his representations to the sufferer have been false. On account of Flaherty’s false representations, the sufferer wrote two checks, totaling $170,000, to an organization Flaherty owned and/or operated. Flaherty used the proceeds of his fraudulent scheme to amass varied property, together with a ship and cars.
Prosecutors allege that victims wrote greater than $1 million of checks to Flaherty that he deposited to himself, based on a report from KCCI Information in Des Moines. Flaherty allegedly defrauded insurance coverage firms of greater than $650,000.
The Iowa Insurance coverage Division’s Fraud Bureau and the Federal Bureau of Investigation investigated the case and have been assisted by the Moines Police Division, Clive Police Division, and the Iowa Division of Public Security’s Division of Legal Investigation.
Supply: Southern District of Iowa
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