A disgraced life insurance advisor was sentenced to two years for pocketing premiums for nearly a decade and even after he’d left the business.
A disgraced life insurance advisor was sentenced to two years for pocketing premiums for nearly a decade and even after he’d left the business.
Joseph E. Barnes was sentenced after being found guilty of holding onto a client’s monthly premium from July 2005 to May 2014.
Barnes sold a term life policy to Anitra Hawkins, collecting her $30.95 monthly premium for four years until he stopped working for the insurer, Columbian Mutual Life Insurance Company. Despite leaving the company, Barnes continued to collect premiums until 2014.
Barnes pleaded guilty earlier this week to obtaining money by false pretense.
Barnes’ cover was blown after Hawkins called the insurer with a question about her policy and learned there wasn’t one in her name, prompting investigators to launch a case.
Still, the fraud is just another recent of advisor impropriety to make headlines across the globe. The result is advisors are left to grapple with the PR fallout from a rogue professional.
The company returned the premiums to Hawkins, and Barnes surrendered his insurance license.
Joseph E. Barnes was sentenced after being found guilty of holding onto a client’s monthly premium from July 2005 to May 2014.
Barnes sold a term life policy to Anitra Hawkins, collecting her $30.95 monthly premium for four years until he stopped working for the insurer, Columbian Mutual Life Insurance Company. Despite leaving the company, Barnes continued to collect premiums until 2014.
Barnes pleaded guilty earlier this week to obtaining money by false pretense.
Barnes’ cover was blown after Hawkins called the insurer with a question about her policy and learned there wasn’t one in her name, prompting investigators to launch a case.
Still, the fraud is just another recent of advisor impropriety to make headlines across the globe. The result is advisors are left to grapple with the PR fallout from a rogue professional.
The company returned the premiums to Hawkins, and Barnes surrendered his insurance license.
