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Former Texas insurance agent gets life sentence for elderly scam

Posted: February 19, 2018


A Swisher County jury gave a life prison sentence to a 66-year-old former Lubbock, Texas, insurance agent last week after he admitted to defrauding money from elderly clients.

Joseph Allen Gaines was also ordered to pay back $810,000 to the people he swindled as part of an annuity scam that the Texas Department of Insurance investigated in 2016.

news2The sentence came Thursday, after a trial in the 64th District Court this week in which Gaines entered an open plea of guilty to an enhanced felony count of misapplication of fiduciary property of the elderly and faced a punishment of five years to life in prison, which was determined by a jury. Jurors heard testimony on Tuesday for the punishment phase of the trial.

Investigators with the Texas Department of Insurance fraud unit believe Gaines persuaded senior citizens in West Texas to purchase annuities then kept the money for himself.

Read the full story in the Lubbock Avalanche-Journal: Former Lubbock insurance agent gets life sentence for defrauding elderly clients

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