An Iowa man pleaded guilty to wire fraud for using his position as an insurance agent and annuity salesperson to defraud elderly individuals out of their retirement savings and other monies.
Zachary James Flaherty, age 47, of Clive pled guilty in federal court on Nov. 29, the Southern District of Iowa announced.
Flaherty admitted to engaging in a scheme to defraud some of his insurance clients, specifically, that he intended to defraud some of his clients by making false statements to those clients to obtain financial benefits for himself to the detriment of his clients.
In one instance, Flaherty told one of the victims, referred to in court documents as Victim #10, that he would invest proceeds from the sale of her house on her behalf and for her benefit, even though Flaherty knew that his representations to Victim #10 were false.
As a result of Flaherty’s false representations, Victim #10 wrote two checks, totaling $170,000, to a company Flaherty owned and/or operated. Flaherty used the proceeds of his fraudulent scheme to acquire various assets, including a boat and automobiles.
Flaherty is scheduled to be sentenced on April 12, 2024. He faces up to 20 years in prison.
The Iowa Insurance Division’s Fraud Bureau and the Federal Bureau of Investigation investigated the case, with assistance from the Des Moines Police Department, Clive Police Department, and the Iowa Department of Public Safety’s Division of Criminal Investigation.
Source: Southern District of Iowa
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