HUNTINGTON, W.Va. - A Parkersburg insurance agent faces charges of defrauding clients through a scheme that included phony companies and policies.
U.S. Attorney Booth Goodwin says a federal grand jury indicted 53-year-old Lloyd B. Carr on 35 counts. The charges issued Tuesday include mail fraud, wire fraud, insurance fraud and money laundering.
Carr is accused of persuading clients to terminate existing life insurance contracts or take money from individual retirement accounts. The money was supposed to be invested in new insurance policies.
The indictment charges that Carr used at least some of the money to buy expensive vehicles and clothes.
Carr also is accused of creating fake insurance companies and policies to show clients that their retirement savings were invested.
A telephone listing for Carr in the Parkersburg area could not be found.