CHARLESTON, W.Va. – A former insurance agent in Parkersburg will have to pay back the nearly $600,000 he took from people who thought they were buying legitimate annuity contracts and life insurance from Allianz and other companies.
Instead, Lloyd B. Carr, 55, of Parkersburg, was depositing the money into his own accounts and using it for personal expenses.
On Thursday, Carr was sentenced to more than six years in a federal prison for his illegal actions that federal prosecutors said started in 2008 and continued until at least July 2010.
In Oct. 2008, Allianz ended its agency relationship with Carr because of missing money. The following year, records showed Carr started doing business as American Life Insurance & Annuities Group to continue the fraud.
Prosecutors said he convinced existing Allianz clients to roll over their legitimate retirement accounts into his bogus company.
In one case, a client gave Carr more than $55,000 for an annuity premium with American Life and Carr almost immediately started withdrawing the money for his own use.
In all, 12 clients were scammed.