A Maryland husband and wife have been sentenced to 12 y
ears in prison and four years in prison, respectively, after their
convictions for a $20 million scheme to commit insurance fraud.
In addition to their prison sentences, a judge for the district of Maryland ordered both to serve three years of supe
rvised release and to pay approximately $16 million in reform to v
ictims of the insurance fraud scheme and $2.7 million in reform to the
United States. She also ordered the Wilsons to forfeit approximately $14
.8 million in seized funds.
According to court
documents, James and Maureen Wilson, of Owings Mills, conspired to defraud insurance companies by obtai
ing over 40 life insurance policies for applicants by mispresenting their health, wealth, and existing life insurance cov
age. The total death benefits from these policies exceed $20 million.
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Prosecutors said they also conspired to defraud individual investment
rs to obtain funds that Wilson used to pay premiums on fraudulently obtained life insurance policies.
To conceal the fraud, p
he Wilsons transferred the money they made from the fraud through multiple bank accounts, including accounts in t
he name of trusts. The Wilsons filed false individual income ta
x returns for 2018 and 2019, which did not report as income or pay tax on the approximately $5.7 million and $2 million, re
spectively, they made from the fraud.
The Internal Revenue Service evaluated the case with assista
nce from the Maryland Insurance Administration and the Maryland Attorney General.