Texas Insurance Agent Ordered To Pay Restitution Over Retirement Scam

An insurance agent in Texas has been ordered to disgorge his profits and provide restitution for getting local elderly residents to invest in a multi-million dollar scam. The agent was accused of using the money to fund a lavish lifestyle and cover the payments to earlier investors which essentially created a ponzi scheme. The agent is due to pay $733,000 to 36 investors to settle the charges brought by the SEC in a US District Court.

See Karen Demasters, Elderly Cheated Out Of $4.6 Million In Retirement Money, SEC Says, Financial Advisor, November 11, 2015.