Insurance agent pleads guilty to bilking clients out of $8.2 million

[McFurd]

Consumer Affairs - 4/28/2017 - Christopher Maynard - The man allegedly used client funds to finance 25 homes and investment properties. An insurance agent has pleaded guilty to scamming his customers out of $8.2 million in what one assistant U.S. attorney said was among the biggest Ponzi schemes in his 25-county federal court district in western Pennsylvania. John Hogan, operator of Hogan & Associates, may face up to five years in prison for five counts of mail fraud, according to the Pittsburgh Post-Gazette. The indictment states that the 77-year-old insurance agent, who sold life insurance policies, claimed to be a financial planner and convinced his clients to borrow against the cash value of their insurance products so that he could make short-term loans to others. Those who agreed were guaranteed that they’d see a 10% return on their investment. Read more @ https://www.consumeraffairs.com/news/in ... 42817.html