Insurance Agent Raids Client Annuity Accounts to Tune of $1.6 Million

Samuel Bowron Phillips, an Arkansas insurance agent, has been sentenced to five years in federal prison for stealing nearly $1.6 million from annuity policyholders. Appropriately twenty victims sustained losses ranging from $2,000 to more than $200,000.  According to federal court documents, Phillips gambled away more than 90 percent of the stolen money in casinos.  Many of the victims were in their 60s and heavily depended on the money for retirement.  Phillips' scheme involved forging client signatures to withdraw money from the annuities and then depositing the stolen money into corporate accounts that he created for his personal benefit.  Remarkably, the annuity companies involved allegedly failed to detect Phillips' fraud, but only one of those companies has offered restitution to some of the victims.  More information about Phillips' scheme is outlined in the federal criminal complaint, which is available for review here.   Over the past 15 years, Joel Ewusiak has represented victims of annuity fraud in civil lawsuits against annuity companies for failing to adequately supervise and detect fraudulent actions and transactions by agents.   If you believe that you have been the victim of annuity theft or fraud by Samuel Bowron Phillips or another insurance agent, please feel free to contact Joel for assistance via email (joel@ewusiaklaw.com) or phone (727.286.3559).