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Tuesday, 17 May 2011 20:31

Louisiana Insurance Agent Sentenced in Fraud Case

A Plaquemine, LA, insurance agent has been sentenced to more than four years in federal prison for mail fraud that cost several of his clients nearly $1.4 million.

U.S. District Judge Brian A. Jackson, of Baton Rouge, ordered 67-year-old William J. Coury to report to federal prison on May 29.

Coury will serve an additional two years under the supervision of federal investigators after he completes his 51-month prison term, according to U.S. Attorney Donald J. Cazayoux Jr.

The judge also ordered Coury to pay full restitution of $1,375,121.87 to his Jefferson Parish victims, who are listed in court records only by their initials.

The former insurance agent admitted he used investment money for personal purposes unbeknownst to six of his clients, who trusted Coury to place it in annuities or other insurance products.

In his guilty plea on January 27 Coury said from at least 1996 through 2006, he solicited funds from clients for investment in annuities and other insurance products but instead kept the funds for his own use, according to information released by the U.S. Attorney’s Office.

The case was prosecuted by Assistant United States Attorney M. Patricia Jones.

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