Life Insurance Trustees Charged
With Bank Fraud
HAMMOND- Ricky Blaylock, age 60, of Riverside, IL and Jacqueline Blaylock Wisnewski, age 57, of Indianapolis, Indiana, were charged with bank fraud related to their theft of insurance proceeds held in trust accounts designated for the benefit of their eight-year-old grandchild.
According to the indictment, the insurance proceeds were derived from a life insurance policy held by the defendant’s son Jacob, an active-duty soldier, who passed away in late 2007. Jacob’s will named his eight-year-old daughter as his sole heir. Under the terms of his will, the assets of the estate were to be held in trust for his daughter until she was 21 years old. The will designated Jacob’s parents, Ricky Blaylock as executor of the estate and Jacqueline Blaylock as the trustee. The only asset in Jacob’s estate was the $400,000 life insurance policy. The indictment alleges that defendants funneled part of the insurance proceeds into trust accounts designated for the benefit of their grandchild but then proceeded to deplete the accounts from March 2008 through 2011, without ever making a distribution to or for the benefit of the child.
The United States Attorney’s Office emphasizes that an indictment is merely an allegation, and that all persons are presumed innocent until, and unless proven guilty in court.
If convicted, any specific sentence to be imposed will be determined by the Judge after a consideration of federal statutes and the Federal Sentencing Guidelines.
This case is being investigated by the Federal Deposit Insurance Corporation-Office of Inspector General and the Federal Bureau of Investigation. This case is being prosecuted by Assistant United States Attorney Diane Berkowitz.