A Madisonville financial adviser has been indicted by a federal grand jury for stealing $400,000 from clients.
The grand jury indicted Jerry W. Simpson, a former licensed agent with Thrivent Investment Management Inc., on three counts of wire fraud. Simpson worked for the company from August 2015 until December 2017. He allegedly stole money from clients between March 2016 and October 2017 by falsifying paperwork.
The Kentucky Department of Insurance said that in one instance, Simpson is accused of stealing $248,000 by forging a client’s name on paperwork requesting to have money withdrawn from the victim’s annuities. Additionally, he stole over $15,000 from a widow by telling her that her late husband took out a loan against his life insurance policy. Simpson gave her a check for $54,769 when the policy was worth $82,000.
Simpson also lied to the beneficiary of an annuity, telling the victim he had to cash the instrument out. When the victim signed the paperwork to cash out the annuity, Simpson submitted paperwork that caused Thrivent to wire $128,000 to Simpson’s account, rather than the customer’s account.
He faces up to 20 years in prison and a $250,000 fine if convicted on all charges.
The (Madisonville) Messenger.com reports that the Financial Industry Regulatory Authority said Simpson was charged two years ago with failing to make required disposition or property of $10,000 or more in Webster County, a charge that was amended to wanton abuse/neglect of an adult.
By Ken Howlett, News Director
Contact Ken at ken@k105.com or 270-259-6000
