comm kentuckyFRANKFORT, Ky. (1/16/19) — A former Madisonville insurance agent faces fraud charges, according to the Kentucky Public Protection Cabinet.

Following an investigation conducted by the FBI and the Kentucky Department of Insurance, Jerry Wayne Simpson, previously a licensed agent for Thrivent Investment Management Inc., was indicted Dec. 12 on three counts of wire fraud in U.S. District Court for the Western District of Kentucky, according to a press release.

Simpson is accused of knowingly causing Thrivent to wire a total of $258,389.08 into his personal bank accounts from customers who had purchased annuities and life insurance policies, officials reported. In addition, Simpson allegedly withdrew $248,000 from a client’s bank account and deposited the money into his personal bank account between November 2016 and August 2017.

“I’d like to thank the Department of Insurance fraud investigators for their hard work and due diligence in fighting fraud,” said DOI Commissioner Nancy Atkins.

A date for Simpson to appear in court has not yet been scheduled. If Simpson is found guilty, he could face forfeiture, restitution, $250,000 in fines, and up to 20 years in prison.

Note: An indictment is an accusation. A defendant is presumed innocent until proven guilty beyond reasonable doubt in court.

SurfKY News

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