Five-year sentence for theft of insurance investments | Arkansas Blog

Thursday, January 12, 2017

Five-year sentence for theft of insurance investments

Posted By on Thu, Jan 12, 2017 at 9:37 AM

Samuel Bowron Phillips, 41, of Fort Smith has been sentenced to five years in federal prison for a scheme in which he took $1.6 million from customers of his insurance business.

U.S. Attorney Kenneth Elser announced the sentence, given on charges of mail fraud, wire fraud and money laundering. He's been ordered to pay restitution and serve three years of supervised release after the prison term.

An investigation began after customers told the Arkansas Insurance Department they'd learned annuities they'd been sold by Phillips were non-existent. He took 21 annuity and insurance policy customers' money for his own use by putting the money into sham companies. He pleaded guilty last June.

Tags: , ,

From the ArkTimes store

Favorite

Comments

Showing 1-1 of 1

Add a comment

 
Subscribe to this thread:
Showing 1-1 of 1

Add a comment

More by Max Brantley

Readers also liked…

  • Judge anticipates punishment of lawyers in Fort Smith class action case

    Federal Judge P.K. Holmes of Fort Smith issued a 32-page ruling yesterday indicating he contemplates punishment of 16 lawyers who moved a class action lawsuit against an insurance company out of his court to a state court in Polk County after a settlement had been worked out.
    • Apr 15, 2016
  • Payday lenders on the march at legislature

    Payday lenders are working hard to get legislative cover for the reintroduction of their usurious loan business to Arkansas. Some are fighting back.
    • Mar 10, 2017
  • LR speakers blast state board for double standard

    A series of speakers, beginning with Sen. Joyce Elliott, denounced what they saw as a hidden agenda favoring charter schools at the state Department of Education and asked the state Board of Education for return of local control.
    • May 12, 2016

Most Shared

Most Viewed

Most Recent Comments

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation