Zachary James Flaherty, a 47-year-old man from Clive, Iowa, has pleaded guilty to wire fraud in a scheme that targeted elderly individuals.
According to public court documents, Flaherty used his position as an insurance agent and annuity salesperson to defraud his clients out of their retirement savings and other monies.
The scheme, which was uncovered on November 29, 2023, saw Flaherty make false statements to his clients in order to obtain financial benefits for himself. For example, he told one of his victims that he would invest the proceeds from the sale of her house on her behalf, when in fact he had no intention of doing so.
As a result of Flaherty’s false representations, one of his victims, referred to in court documents as Victim #10, wrote two checks totaling $170,000 to a company owned and operated by Flaherty. He then used the proceeds of the scheme to acquire various assets, including a boat and automobiles.
Flaherty is scheduled to be sentenced on April 12, 2024, and faces a potential sentence of up to 20 years in prison. The exact sentence will be determined by a federal district court judge, who will take into account the United States Sentencing Guidelines and other sentencing factors.
The investigation into Flaherty’s scheme was carried out by the Iowa Insurance Division’s Fraud Bureau, the Federal Bureau of Investigation, the Des Moines Police Department, the Clive Police Department, and the Iowa Department of Public Safety’s Division of Criminal Investigation.
United States Attorney Richard D. Westphal made the announcement, which highlights the importance of protecting vulnerable individuals from financial exploitation.
The case serves as a reminder of the importance of being cautious when dealing with financial advisors and to always research and verify the credentials of those who claim to provide financial services.
Related Federal Cases
- Jeremy J. Fishnick, Wire Fraud, Cedar Rapids IA, 2023 · Washington
- Lowell Gene “Bob” Hancher, Wire and Securities Fraud, IN, 2013 · Indiana
- Teresa Dorenkamp, Wire Fraud, Mason City IA, 2013 · Washington
- Susan Hense, Wire Fraud, Cedar Rapids IA, 2023 · Iowa
- James Spaulding, Mail Fraud and Filing False Tax Returns, Longmont … · Colorado
Key Facts
- State: Iowa
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News