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Illinois insurance agent pleads guilty to fraud scheme, money laundering

A Decatur, Illinois, independent insurance agent has pled guilty to charges that he defrauded his clients of more than $250,000 from February 2011 to July 2016.

By Jayleen R. Heft | Updated on April 03, 2017
James P. Smith admitted he canceled or cashed out clients’ insurance policies or annuities without their knowledge or permission, and then used the cash value and/or future premiums or payments for personal expenses. (Photo: Shutterstock)

A Decatur, Illinois, independent insurance agent has pled guilty to charges that he defrauded his clients of more than $250,000 from February 2011 to July 2016, according to a press release from the Central District of Illinois U.S. Attorney’s Office.

James P. Smith, 60, appeared before Chief U.S. District Judge James E. Shadid in Peoria. Sentencing is scheduled on July 20, 2017. The Federal Bureau of Investigation and the Macon County Sheriff’s Office conducted the investigation.

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Jayleen R. Heft

Jayleen R. Heft

Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].

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