Two former South Florida agents were sentenced in June to 25 years in prison for their roles in a Ponzi scheme that bilked more than 30 investors out of $1.2 million.

Thomas A. Masciarelli, 49, and Steven Petrarca, 55, were convicted of aggravated white collar crime and fraudulent investment transactions following an investigation by the Department of Financial Services, Division of Insurance Fraud, and the Office of Financial Regulation. The probe revealed the two convinced clients to liquidate annuity investments and invest in a bogus company, promising returns of up to nine percent.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.