A former insurance agent based in Lubbock, TX, has been served a life sentence for duping his senior clients and pocketing their money.
The Texas Department of Insurance (TDI) said that the agent, Joseph Allen Gaines, was ordered to pay $810,000 as restitution to his victims.
“Gaines persuaded senior citizens in West Texas to purchase annuities, but then kept the money for himself,” TDI said in a written statement.
Lubbock Police Department launched an investigation on Gaines after the family of a 94-year-old woman – one of Gaines’ clients – attempted to confirm a $700,000 investment with an insurance company. The family told the police that there was no policy in their mother’s name.
EverythingLubbock.com also reported that TDI began an investigation which led to felony charges in Swisher, Wilbarger, and Howard counties; Gaines was sentenced in Swisher County.
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