Evansville man sentenced to 40 months in fraud case
Former insurance agent conspired to steal over $160,000 in commissions based on fraudulent annuity sales to elderly clients
EVANSVILLE - Josh J. Minkler, Acting United States Attorney, announced today an Evansville man was sentenced to 40 months (over three years) in federal prison by U.S. District Chief Judge Richard L. Young. Danny Lee Beavin, 40, Evansville, was found guilty yesterday of wire fraud, conspiracy to commit wire fraud, mail fraud and access device fraud.
“Risking the life’s savings of our seniors to make a fraudulent commission is a crime we take very seriously in my office,” said Minkler. “Those who choose to betray the trust of some of our most beloved citizens will be held strictly accountable.”
Beavin persuaded clients who were over 80 years old, to purchase annuity insurance policies issued by the Americo Company. Beavin made false statements on the applications indicating the clients were younger than 80, allowing him a larger commission. In some cases, he received commissions up to 9% of the original lump sum purchase amount. In some cases, persons over 80 years old were not eligible for the annuity policy he sold to them. The elderly clients trusted Beavin protect their interests and submit accurate information to the insurance company.
Beavin appeared before a magistrate judge on January 16, 2014, for an initial appearance on the original charges. After being released, he went to several health clubs in Vanderburgh and Warrick Counties for the purpose of stealing car keys and wallets from health club members who were using the facility. Beavin successfully used the stolen credit and debit cards of three the health club victims totaling $1,668, and attempted to use the cards for another $931. He used some of the money to buy gift cards, alcohol at an Evansville nightclub, gasoline and cash advances.
This case was jointly investigated by the United States Secret Service and the Evansville Police Department.According to Assistant United States Attorney Todd Shellenbarger, who prosecuted the case for the government, Beavin was fined $2,000 and must serve three years of supervised release after his sentence. During the period of supervised release Beavin was ordered to pay restitution to the victims.