A financial advisor in Western Kentucky used lies and false paperwork to steal $400,000 from clients, a federal grand jury has charged.
The grand jury indicted Jerry Wayne Simpson on three counts of wire fraud, a charge punishable by up to 20 years in prison.
Simpson was a licensed agent for Thrivent Investment Management Inc., in Madisonville, according to the indictment. He allegedly took money from clients between March 2016 and October 2017.
In one case, Simpson allegedly forged a clients’ name on paperwork requesting to have money withdrawn from the person’s annuities. Simpson withdrew about $248,000 from the victim’s accounts and had it deposited in his personal bank account, the indictment charged.
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In another case, Simpson falsely told a widow that her late husband had taken out a loan against his life insurance policy and gave her a cashier’s check for $54,769 when the policy actually was worth $82,000, the indictment said.
Simpson allegedly kept the rest of the money.
In a third case, Simpson told the beneficiary of an annuity that he had to cash it out, though that wasn’t true.
When the man signed the paperwork to cash out the annuity, Simpson allegedly sent in paperwork that caused Thrivent to wire $128,017 to his own account, rather than the customer.
Thrivent fired Simpson, according to information from the Financial Industry Regulatory Authority.
The Kentucky Department of Insurance announced the indictment Dec. 26.