A Maryland man has been convicted by a federal jury for a series of crimes, including conspiracy to commit insurance fraud, money laundering, filing false tax returns, and identity theft.
James Wilson, 52, from Owings Mills, was found guilty for his role in a complex scheme aimed at defrauding insurance companies, investors, and the government.
Fraudulent Life Insurance Policies and Misrepresentation
Court documents and trial evidence revealed that Wilson conspired with others to secure more than 30 life insurance policies through fraudulent means.
The scheme involved misrepresenting the health, wealth, and existing life insurance coverage of applicants, which led to life insurance policies worth over $20 million in death benefits.
Wilson did not stop there. He also tricked individual investors into providing funds that he used to pay premiums on the fraudulently obtained policies.
To hide the criminal activity, Wilson transferred the stolen funds through multiple bank accounts, including those registered under trust names, further complicating the fraud trail.
Tax Evasion and Filing False Returns
In addition to his involvement in the insurance fraud and money laundering, Wilson filed false income tax returns for the years 2018 and 2019.
These returns concealed millions of dollars in fraudulent proceeds, including about $5.7 million in 2018 and $2 million in 2019.
His actions were an effort to avoid paying taxes on the ill-gotten gains from his scheme.
Facing Serious Consequences
Wilson’s sentencing is scheduled for May 1.
He faces significant prison time, with each conspiracy, wire fraud, mail fraud, and money laundering charge carrying a maximum penalty of 20 years in prison.
For each false tax return filed, he could face up to three years behind bars, and for each count of aggravated identity theft, he could serve up to two years in prison.
Announcement from Justice Officials
The case was investigated by IRS Criminal Investigation (IRS-CI), with assistance from the Maryland Insurance Administration and the Maryland Attorney General’s Office.
Key figures involved in the announcement of the conviction include Acting Deputy Assistant Attorney General Karen E. Kelly from the Justice Department’s Tax Division, U.S. Attorney Erek L. Barron of the District of Maryland, and Special Agent in Charge Kareem A. Carter from the IRS-CI’s Washington, D.C. Field Office.
The prosecution of the case was handled by IRS-CI’s trial attorneys Shawn Noud and Richard Kelley, along with Assistant U.S. Attorneys Matthew Phelps and Philip Motsay.
This article was published on TDPel Media. Thanks for reading!Share on Facebook «||» Share on Twitter «||» Share on Reddit «||» Share on LinkedIn