Former Texas Agent Gets Life Sentence for Insurance Scam

a sorter Lubbock, Texas, insurance agent has been sentenced to life in prison and ordered to pay back $810,000 to his victims, the Texas Department of Insurance (TDI) reported.

Officers with the Texas Department of Insurance Fraud Unit found that Joseph Allen Gaines persuaded senior citizens in West Texas to buy annuities, however then kept the cash for himself.

Gaines came to the eye of TDI and the Lubbock Police Department when a 94-year-old woman’s family known asan insurance company to make sureher $700,000 investment. They were told there has been no policy within the ir mother’s name.

When Gaines was arrested in July 2016, TDI Sergeant Steve Richardson said Gaines “were a monetaryadvisor for this woman’s family for many years” and tokgood thing about her trust.

TDI’s investigation also identified other victims of the scheme. Gaines was charged with felonies in Swisher, Wilbarger, and the wayard counties. Several of Gaines victims testified on the sentencing in Swisher County.