CHARLESTON (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.