Thursday, March 30, 2017

Agents Behaving Badly

This goes way beyond our Stupid Agent Tricks series. Thanks to FoIB Jeff M, we learn about these two creeps:

"[T]wo retired insurance agents were convicted of targeting senior citizens as part of a multi-million dollar scam that spanned seven years. Milton Hooks, 72, of Rocky Mount and James Mangum, 69, of Tarboro scammed nearly 80 victims out of $11 million from 2004 to 2011."

Touting the benefits of "Fixed Indexed Annuities," these two crooks enticed their victims to raid their 401(k)'s and insurance policies to "invest" in these  products, generating some $600,000 in commissions. In addition, over $300,000 went straight into their bank accounts.

All told, they were convicted of a half dozen counts of "obtaining property by false pretenses" and forced to to repay their victims.

The worst part, though? This:

"The judge ... gave the pair suspended sentences because of the restitution."

Um, no.

If you rob a bank, and subsequently return all the cash you took, do you really think you'd get probation?

Yeah, me either.
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