Illinois Annuity News

Former Massachusetts Insurance Broker Sentenced For Fraud And Money Laundering

Joseph P. Garvey was sentenced to 71 months in prison, followed by three years of supervised release for money laundering and mail fraud. Garvey was also ordered to pay $493,748 in restitution. Garvey, a former independent producer for Transamerica and an insurance agent for the Knights of Columbus (KoC), used two intermediaries to defraud several people who thought they were buying annuity polices from Transamerica.  Instead of obtaining valid annuity policies, Garvey took checks that they had made out to Transamerica and deposited them into a bank account that he controlled. Garvey then used the victims’ monies for his and his wife’s personal benefit.  In a second scheme, Garvey pretended to be a former 80-year old client whom he had met through the KoC, in order to fraudulently withdraw funds from an annuity policy he had with the Catholic Order of Foresters.

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	Did You Know?
	The NASD Reminds Members of Their Responsibilities Regarding the Sales of Variable Annuities NASD is an independent self-regulatory organization charged with regulating the securities industry, including sellers of variable annuities. The NASD recently issued a release to its members reminding them of their responsibilities to investors in selling variable annuities (NASD Notice 99-35, "The NASD Reminds Members of Their Responsibilities Regarding the Sales of Variable Annuities").