Arizona 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?
	Employee Retirement Income Security Act (ERISA) The federal law that establishes the basic requirements for employee benefit plans. The authority for administering and enforcing ERISA is divided among three federal agencies: The Internal Revenue Service (IRS), the Department of Labor (DOL), and the Pension Benefit Guaranty Corporation (PBGC).