Caleb Deason, Wire Fraud and Money Laundering, Texas 2014

A federal jury in Texas has convicted a 34-year-old Fort Worth financial planner of wire fraud and money laundering charges.

Caleb Deason, who owned and operated CD Financial, a financial services business in Fort Worth, was found guilty on one count each of wire fraud and money laundering. Following the verdict, U.S. District Judge John McBryde remanded Deason into federal custody.

The government presented evidence at trial that Deason sold an individual a Transamerica policy with a death benefit of approximately $1 million in October 2011. However, in January 2012, Deason fraudulently changed the bank account and routing information and forged the beneficiary's signature on a Transamerica wire request form to divert the proceeds to his own personal use.

Deason faces a maximum statutory penalty of 20 years in federal prison on the wire fraud conviction and 10 years on the money laundering conviction. Each count of conviction also carries a fine of up to $250,000. The 2010 Range Rover purchased with the diverted funds has already been administratively forfeited by the U.S. Secret Service.

Deason was an agent of Transamerica Life Insurance Company from November 2010 through May 2012. The case was investigated by the U.S. Secret Service and the Texas Department of Insurance. Assistant U.S. Attorneys Brian Poe and John de la Garza were in charge of the prosecution.

Deason's sentencing has been set for April 4, 2014. The case serves as a reminder of the importance of financial integrity and the consequences of fraud and money laundering.

Defendant: Caleb Deason

Criminal Charges: One count of wire fraud and one count of money laundering

City and State: Fort Worth, Texas

Exact Date: April 4, 2014 (sentencing)

Sentence or Outcome: Remanded into federal custody, faces up to 20 years in prison and a fine of up to $250,000

Dollar Amounts: $1 million (death benefit), $250,000 (fine)

Source: https://www.justice.gov/usao-ndtx/pr/federal-jury-convicts-fort-worth-financial-planner-wire-fraud-and-money-laundering