A former Maryland insurance agent and financial planner has admitted to a $2.8 million fraud scheme, according to a recent plea agreement.
Jonathan Williams, 48, of Boston, Massachusetts, pleaded guilty to wire fraud in connection with the scheme to defraud clients of more than $2.8 million.
The scheme, which lasted from 2009 to 2015, involved Williams deceiving New York Life and its customers, and fraudulently obtaining more than $2.8 million.
At Williams’ direction, customers paid money to entities with bank accounts that he controlled, including Advanced Retirement Solutions, Jonathan Williams Financial Planning, and Mid-Atlantic Financial.
Williams used the victim funds to make cash withdrawals, to pay personal and business expenses, to pay employees, to take vacations, and other miscellaneous expenses.
For example, Williams misrepresented to one small business that he was creating a defined benefit plan for the company’s employees by purchasing life insurance, long-term policies, and other investments.
The guilty plea was announced by United States 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.
Williams faces a maximum sentence of 20 years in prison for wire fraud and has been scheduled to be sentenced on August 7, 2019, at 9:30 a.m. by U.S. District Judge Deborah K. Chasanow.
Key Facts
- State: Maryland
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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