Denton County Insurance Agent Guilty of Fraud
On October 4, 2012, the US Attorney’s Office for the Northern District of Texas announced that Vincent Bazemore was charged by a federal grand jury with four counts of mail fraud in connection to a scheme that defrauded several life insurance companies. Bazemore is currently in prison serving a 5-year sentence for securities fraud after he was convicted in 2009.
The recent indictment states that Bazemore tried to obtain large commissions from life insurance companies by convincing life insurance companies to issue policies for people that appeared wealthy but were in fact had modest finances. The policies were supposed to be transferred to investors.
The indictment also states that Bazemore convinced elderly people to apply for policies by convincing them the life insurance policies would not cost anything but result in their heirs receiving a significant amount of money. He would then prepare the documents for the applicants, forge signatures, and provide false information in order for the insurance companies to approve the life insurance policies. It is believe Bazemore has agreements with insurance companies and agents that he would receive 95 to 105 percent of the first year’s premium for every application filed.
If Bazemore is convicted, he can receive a maximum penalty of 20 years in prison, a $250,000 fine and restitution for each mail fraud count. Bazemore can also receive higher penalties if he committed these crimes while on pre-trial release for the securities fraud. He can receive 10 years in prison on top of any sentence if he committed the crimes while on pre-trial release.
The investigation and prosecution is part of President Obama’s Financial Fraud Enforcement Task Force (FFETF). The program was formed in November of 2009 to use aggressive and coordinated efforts to tackle financial crimes around the country.
Source: Federal Bureau of Investigation
Comments
Must Read
Mail Fraud Quick OverviewMail fraud refers to any deceitful crime that includes the use of the postal system.
Accountant Fraud At A GlanceAccountant fraud (or corporate accounting scandals) often occurs as a result of an accountant not disclosing factual statements to their clients (individuals or businesses) about the state of their finances.
All You Need To Know About Mail Fraud ChargesMail fraud charges are used most frequently in federal white collar crime cases to either make an initial charge or add a charge to a list of existing ones.
All You Need To Know About Reporting BlindnessOne of the most common disability fraud types Disability fraud falling into the category of "reporting blindness" can also include criminals taking advantage of acts intended to help the legally blind return to work.
All You Need to Know About Supreme Court CasesThere are two cases that involve the proper criminal procedure involving the prosecution of wire fraud.
All You Need to Know About The History Identity TheftIdentity theft, though it has taken on new forms and has become significantly more common, is not a new crime.
Bait and Switch DefinitionIt may not necessarily be all that obvious all the time, but the bait and switch tactic used by both the retail and political world should be of no surprise to people living in nations which are fueled by consumerism and politics.
Bankruptcy Fraud At A GlanceBankruptcy fraud is any kind of fraud involving filing for bankruptcy in an attempt to gain some kind of profit from the overall scheme.