RALEIGH, N.C. – Furman Alexander Ford, a New York Life financial advisor, was sentenced to 132 months in prison for eleven counts of mail fraud, eleven counts of wire fraud, and two counts of aggravated identity theft.
In February 2022, Ford was found guilty of stealing over $1.3 million from a 72-year-old client who had recently inherited real property valued at $1.3 million.
Ford assisted in the sale of the property and the setting-up of a charitable annuity trust with NYL using the sale proceeds. The victim was his primary client while employed at NYL.
As part of Ford’s responsibility as the victim’s financial agent, he drafted and submitted letters of withdrawal from the client’s annuity account to pay for certain expenses. The funds would then be electronically wired to the recipient as directed by the client.
During the investigation, agents identified twenty separate fraudulent letters of withdrawal drafted by Ford and submitted to NYL headquarters in New York, NY. The letters were all mailed by Ford from his office in Raleigh.
The funds requested ranged from $5,000 to $45,000 and totaled over $376,000. The proceeds were then electronically wired by NYL to Ford’s personal checking account.
An FBI financial analysis traced the funds to the purchase by Ford of various personal items, including a BMW vehicle, Rolex watches, firearms, child support, and a cruise to the Bahamas.
Related Federal Cases
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- Letitia James, Investment Fraud, New York 2023 · New Hampshire
- Efraim Steif and Uri Koenig, Medicaid Fraud, Syracuse NY, 2023 · New Hampshire
Key Facts
- State: North Carolina
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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