- Associated Press - Friday, May 23, 2014

CHARLESTON, W.Va. (AP) - A Parkersburg insurance agent has been sentenced to six years and three months in federal prison for converting client funds for his own use.

Fifty-five-year-old Lloyd B. Carr was sentenced Thursday in federal court in Charleston. U.S. District Judge Thomas Johnston noted Carr had brought many of his clients to financial ruin.

Federal prosecutors say Carr set up a fake business and pocketed checks intended for annuity contracts and life insurance policies.

Prosecutors say Carr was convicted of bilking 12 clients out of $589,000 in retirement savings that he now must pay back.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide