A former licensed insurance agent in Madisonville has been indicted by a federal grand jury on three counts of wire fraud charges. According to a news release, Jerry Wayne Simpson was indicted on December 12 in U.S. District Court for the Western District of Kentucky following an investigation conducted by the FBI and Kentucky Department of Insurance (DOI). Simpson is a former agent for Thrivent Investment Management, Inc.
Simpson is accused of knowingly causing Thrivent to wire a total of nearly $258,390 into his personal bank accounts from customers who had purchased annuities and life insurance policies. In addition, Simpson allegedly withdrew $248,000 from a client’s bank account and deposited the money into his personal bank account between November 2016 and August 2017.
A date for Simpson to appear in court has not been scheduled. If Simpson is found guilty, officials say he could face forfeiture, restitution, $250,000 in fines, and up to 20 years in prison.
