John O. Wilson, 54, of Antioch, Tenn., has been sentenced to 52 months in prison and three years of supervised release for orchestrating a nearly decade-long insurance fraud scheme that defrauded clients and insurance agencies out of more than $800,000.
The sentence was announced by Jack Smith, Acting United States Attorney for the Middle District of Tennessee. Wilson was also ordered to pay $841,000 in restitution.
Wilson pleaded guilty in August 2016 to two counts of wire fraud, admitting to his scheme from November 2005 until approximately August 2014. During this time, he operated an insurance agency known as Preserve Financial Group, Inc. (“PFG”) in the Nashville area. The Tennessee-licensed insurance producer’s deceitful practices included:
1. Advising clients to remove money from tax-deferrable investments to purchase multiple insurance policies without disclosing potential adverse tax consequences and surrender charges.
2. Convincing clients to surrender insurance policies or annuities for investment in new policies, depositing the funds into his personal account instead of investing as promised.
3. Deceiving clients into believing they were purchasing PFG stock, which was a fraud; the money went into his personal account.
This investigation was conducted by the Federal Bureau of Investigation, and the United States is represented in this case by Assistant U.S. Attorney Thomas J. Jaworski.
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Key Facts
- State: Tennessee
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime|Organized Crime
- Source: Official Source ↗
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