INDIANAPOLIS – In a gritty federal court ruling, Lebanon’s Brian Simms, 46, faces over seven years behind bars for orchestrating a colossal Ponzi scheme that defrauded nearly $4 million from unsuspecting investors. Simms, who was a licensed insurance broker and registered agent at Brendanwood Brokerage, pleaded guilty to wire fraud.
According to court documents, the Lebanon native duped at least twenty-two victims between 2012 and 2020 by persuading them to liquidate their insurance investments, such as retirement accounts and life insurance policies, and reinvest with him. The scheme was a web of lies, with Simms diverting the funds for personal gain, including paying his own bills and expenses.
Simms concealed his fraud through Ponzi-style payments and falsified financial reports to make it seem that investors’ money was earning high returns, when in reality, he siphoned off $3,995,535.46 from clients across Indiana, Ohio, and beyond. His thefts included six-figure losses for many and over a million dollars for two.
U.S. Attorney Zachary A. Myers called Simms’ actions an attack on the financial security of friends, family, and loyal customers who placed their trust in him to manage their savings. ‘He stole his victims’ financial security and damaged or derailed their plans for the future,’ Myers emphasized.
Indiana Secretary of State Diego Morales praised law enforcement collaboration in bringing Simms to justice. ‘The Securities Division will continue to work with our partner agencies to investigate these types of crime and ensure investment fraud is investigated and disrupted,’ Morales said. The FBI’s Indianapolis Special Agent in Charge, Herbert J. Stapleton, echoed the sentiment: ‘We are committed to investigating these types of crimes to protect Hoosiers from swindlers such as the defendant.’
The investigation was led by the Federal Bureau of Investigation and the Indiana Secretary of State. Simms, who must pay $2,617,028.36 in restitution, will serve 90 months in federal prison followed by three years of supervised release under the sentence imposed by U.S. District Judge Sarah Evans Barker.
Related Federal Cases
- Aurora Swindler Sentenced to Six Years for $300k Fraudulent Scheme · Indiana
- Indiana Man Charged With Three Felonies in Bank Fraud Case · Indiana
- Wen Ping Chen Gets 12 Months for Credit Card Fraud Ring · Indiana
- Karen L. Hodges Pleads Guilty to $40K in Counterfeit Check Fraud · Indiana
- ‘Sweet’ Scam: 10 Indicted in National Vending Machine Fraud · Ohio
Key Facts
- State: Indiana
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
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