Life insurance is considered a necessity by most American families and is also provided to employees by many companies. Agents are licensed to sell policies and provide the services associated with those policies in Kentucky. Agents are trusted to abide by the regulations governing the insurance industry. Failure to abide by those regulations can result in charges for wire fraud.
In a recent case in Frankfort, an agent is accused of redirecting funds from customer accounts to his personal bank account. The amount allegedly embezzled from customer funds was more than $258,000. An additional $248,000 was allegedly taken from a client's bank account and deposited to the agent's personal account.
The agent was charged with three counts of wire fraud. If the agent is found guilty of the charges against him the penalties could be steep. He may face up to $250,000 in fines and as much as a 20-year prison sentence. In addition, he may be ordered to pay restitution to the clients who claim to have lost money, and he will most likely lose his insurance license.
Being charged with a crime does not mean one is guilty of that crime. Anyone facing charges for wire fraud in Kentucky is presumed innocent until and unless proven guilty. The burden of proving guilt falls on the prosecution and must be supported by the evidence amassed in the case. The accused has a right to a defense attorney who can assist in preparing and presenting a defense. A knowledgeable lawyer will be familiar with the rules of evidence-gathering and can advise the client as to what legal options are available.