Money motivates a lot of people. While many use this motivation to engage in legal activities, such as getting a job or selling items on eBay, many instead focus on quick and easy ways to get money. However, many of these methods involve fraud and scams, which are illegal and can result in serious penalties, depending on the amount stolen.
On September 17, a federal district court in Baltimore unsealed an indictment charging a Maryland couple with various theft-related crimes relating to insurance policies, including conspiracy to commit insurance fraud, money laundering, identity theft, and filing false tax returns.
Since 1996, Owings Mills couple James Wilson, 74, and Maureen Wilson, 73, have attempted to defraud insurance companies by getting more than 30 life insurance policies for various people. The exact details of how the two carried out the scheme are unknown, but they would misrepresent the applicants’ health, wealth, and existing coverage. The total amount of death benefits from these policies was roughly $20 million.
In addition, the Wilsons paid for these fraudulent life insurance policies by defrauding individual investors. The Wilsons hid their illegal activities by transferring the proceeds through multiple bank accounts. They also hid their activities from the IRS and did not report the almost $8 million they received in 2018 and 2019.
James Wilson’s initial court appearance was scheduled on September 17 at the U.S. District Court for the District of Maryland. Maureen Wilson is scheduled to appear at the same court on September 20.
The couple have been engaging in fraud schemes for the past 25 years and if convicted, will likely spend the rest of their lives in prison. The two face up to 20 years in prison for each count of money laundering, wire fraud, mail fraud, and conspiracy. They also face three years in prison for each count of filing a false tax return. In addition, Maureen Wilson faces 10 years in prison for money laundering, while James Wilson faces two years in prison for each count of aggravated identity theft.
Their final sentences will be determined by a federal district court judge. The Maryland Office of the Attorney General, IRS-Criminal Investigation, and Maryland Insurance Administration are all investigating the case.
Insurance fraud and other schemes come with harsh penalties. Even though these crimes don’t physically harm people, like assault or murder, they do cause financial and emotional harm. Many victims feel ashamed of themselves for getting scammed, and as a result, many suffer from shame, embarrassment, and even depression.
Many of those convicted of fraud schemes will likely get prison time and be forced to pay restitution to their victims. The Columbia white collar crime lawyers at the Law Offices of Todd K. Mohink, P.A. can help you get a favorable outcome. Let us assist you in helping you understand your legal rights. Schedule a consultation by filling out the online form or calling (410) 774-5987. We have two offices to serve you.
7310 Ritchie Highway, Suite 910
Glen Burnie, MD 21061
30 Corporate Center
10440 Little Patuxent Parkway,
Columbia, MD 21044