Dover Insurance Broker Convicted of Tax Fraud

A Dover, Massachusetts insurance broker has been convicted of two counts of filing false tax returns, in a case that exposes a culture of deceit in the insurance industry.

Anthony J. May, 62, was found guilty by a federal jury in Boston of failing to report $396,554 in income from insurance commissions, broker fees and lease rental payments on his 2008 and 2009 tax returns.

May owned and operated Clients First Financial Insurance Agency, LLC, and Advantage Life Settlements, LLC, two companies that sold life insurance products and facilitated the sale of personal life insurance policies to third party investors.

The companies operated out of an office suite in Hingham, where May also leased space to other independent insurance agents.

May’s conviction is a significant blow to the insurance industry, which has long been plagued by allegations of corruption and deceit. The case highlights the need for greater transparency and accountability in the industry.

The charging statute provides for a sentence of no greater than three years in prison, one year of supervised release and a fine of $250,000. Sentencing is scheduled for October 2, 2017, before U.S. District Court Judge William G. Young.

The investigation was led by the Internal Revenue Service’s Criminal Investigation division, with assistance from the U.S. Attorney’s Office for the District of Massachusetts. Assistant U.S. Attorney Victor A. Wild and Trial Attorney Eric Powers are prosecuting the case.