Former Washington, Iowa, insurance agent Roy Evanovich pled guilty to first-degree theft, money laundering, securities fraud, and tampering with records last Friday in Washington District Court, according to the Iowa Insurance Division. His actions cost investors more than $1 million.
Earlier this year, the division had revoked his insurance license because of his actions in violation of Iowa law. Nearly 50 of the people he defrauded were present for the sentencing. Some exercised their right to request that the court impose a prison term on Evanovich. The judge sentenced him to concurrent 10-year sentences on the first two charges, and five and two years respectively on the others.
Evanovich was a licensed Iowa insurance producer, but was not a registered securities agent. In spite of this, he acted as a securities agent and offered to sell and sold investment products which are unregistered. Evanovich, doing business as FSI Senior Services, sold investments in IFS Financial (an alleged business entity), JAB Rehabilitation & Living Centers Inc. and Medical Rehabilitation Research. Inc. of Iowa City. All three entities appeared to be shell companies for Evanovich to raise funds for his personal use.
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