Jonathan Williams, Wire Fraud, MA 2024

Jonathan Williams, 48, of Boston, Massachusetts, former Maryland insurance agent and financial planner for New York Life, pleaded guilty today to a federal wire fraud charge tied to a nine-year scheme that ripped off clients of more than $2.8 million. The guilty plea, entered in federal court, marks the end of a sprawling fraud operation built on lies, forged documents, and the betrayal of trust.

U.S. Attorney for the District of Maryland Robert K. Hur and Postal Inspector in Charge Peter R. Rendina of the U.S. Postal Inspection Service – Washington Division announced the plea. From 2009 to 2015, Williams exploited his position to mislead clients, directing them to wire money to shell entities he controlled—Advanced Retirement Solutions, Jonathan Williams Financial Planning, and Mid-Atlantic Financial—none of which were authorized by New York Life to collect client premiums.

Williams admitted he used the stolen funds for cash withdrawals, personal and business expenses, employee pay, vacations, and other unauthorized costs. He was only permitted to sell New York Life-affiliated products through approved channels. CDs were not sold by the company, and Williams had no authority to offer them—yet he sold fake certificates of deposit and produced counterfeit statements to one victim who lost over $350,000.

One small business trusted Williams to set up a defined benefit plan using life insurance and long-term investments. After five years, they discovered no plan existed. Williams not only stole their money but triggered massive costs for the company and New York Life to reconstruct the plan and avoid tax penalties. Another victim, a 30-year U.S. Navy veteran, handed over $100,000 to Williams to invest with Fidelity. Williams lied in emails, claiming the account was active. No account was ever opened.

In March 2015, as scrutiny mounted, Williams submitted falsified bank records to New York Life. Even after losing his insurance license in May 2015, he continued deceiving clients—telling one in July 2016 he was switching firms, a complete lie. New York Life terminated him and paid settlements to victims who suffered financial losses due to his crimes.

Williams now faces a maximum of 20 years in prison for wire fraud. Sentencing is set for August 7, 2019, at 9:30 a.m. before U.S. District Judge Deborah K. Chasanow. U.S. Attorney Hur praised the U.S. Postal Inspection Service and thanked Assistant U.S. Attorneys Harry M. Gruber and Tamera L. Fine for leading the prosecution.

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