FRANKFORT, Ky. (WTVQ)- After an investigation led by the FBI and the Kentucky Department of Insurance, a former insurance agent has been indicted and charged with wire fraud.
The state says Jerry Wayne Simpson was a licensed agent for Thrivent Investment Management Inc. He was indicted on three counts of wire fraud.
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 say Simpson allegedly withdrew $248,000 from a clients bank account and deposited the money into his personal bank account between November 2016 and August 2017.
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.
Any indictment is an accusation only. A defendant is presumed innocent and is entitled to a fair trial at which the government must prove guilt beyond a reasonable doubt.
For additional information about DOI and insurance fraud, visit http://insurance.ky.gov.