A federal jury has convicted a Maryland man for conspiracy to commit insurance fraud, money laundering, filing false tax returns and identity theft.
According to court documents and evidence presented at trial, James Wilson of Owings Mills conspired with others to defraud insurance companies by obtaining over 30 life insurance policies for applicants by mispresenting their health, wealth and existing life insurance coverage.
The total death benefits from these policies exceeded $20 million.
Wilson also conspired to defraud individual investors to obtain funds that he then used to pay premiums on fraudulently obtained life insurance policies.
Wilson transferred the fraud through multiple bank accounts, including accounts in the name of trusts, to conceal the fraud. Wilson filed false individual income tax returns for 2018 and 2019, which concealed approximately $5.7 million and $2 million, respectively, of fraud proceeds.
Wilson is scheduled to be sentenced on May 1.
He faces a maximum penalty of 20 years in prison for each count of conspiracy, wire fraud, mail fraud, and money laundering and a maximum penalty of three years in prison for each count of filing a false tax return.
Wilson also faces a maximum penalty of two years in prison for each count of aggravated identity theft. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
