Iowa Insurance Agent Receives 18.5-Year Prison Sentence for Defrauding Seniors

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Key Takeaways:

  1. Severe Sentence: Iowa insurance agent Zachary James Flaherty sentenced to 18.5 years in prison for wire fraud.
  2. Betrayal of Trust: Flaherty used his position to exploit elderly clients, defrauding them of their retirement savings.
  3. Law Enforcement Recognition: Investigators from the Iowa Insurance Division Fraud Bureau and FBI received awards for their diligent work on this case.

Betrayal of Trust: Iowa Insurance Agent Sentenced to 18.5 Years for Defrauding Seniors

By Samuel Lopez, USA Herald

[CLIVE, IOWA] – On June 12, 2024, Zachary James Flaherty, a 48-year-old insurance agent from Clive, Iowa, was sentenced to 222 months (18.5 years) in prison after pleading guilty to wire fraud. Flaherty also received an additional six-month sentence for contempt, to be served consecutively.

The Scheme:

Flaherty’s scheme was a betrayal of the trust placed in him by his elderly clients. As an insurance agent and annuity salesperson, he inserted himself into the lives of his victims, building personal relationships to facilitate his fraudulent activities. This manipulation led to the loss of their hard-earned retirement savings.