A Webster County native was sentenced in U.S. Federal Court last week for allegedly stealing almost a half million dollars from clients in a stock management scheme between November 2016 and August 2017.
Jerry Wayne Simpson, formerly of Clay, pleaded guilty to three charges of wire fraud at the United States District Court for the Western District of Kentucky in Owensboro on Monday, June 15.
Simpson was a financial advisor with Thrivent Investment Management Inc. in Madisonville from August 21, 2015 through December 15, 2017. During that time authorities say that he allegedly made false misrepresentations and filed false paperwork in order to steal $488,136.97 from three different clients.
He was indicted on the three wire fraud charges in January of 2019 by a Federal Grand Jury.
According to the indictment, Between November 2016 and August 2017, Simpson forged the name of victim one and submitted fraudulent paperwork to Thrivent requesting money be sent to his own bank account at Independence Bank totaling $248,000.
In September of 2017, the husband of victim two passed away leaving a life insurance policy worth $82,000. Simpson told the widow that the policy had been for just $69,000, but that her husband had taken out a loan against the policy. In October of 2017 he had the entire amount deposited in his own bank account, then sent the victim a check for $54,769.09.
Victim three was the uncle of a Thrivent client who passed away, leaving him a $128,017 annuity. Simpson falsely told the victim that the annuity had to be cashed in and turned over the estate’s attorney, but instead sent paper work that led to the entire amount being deposited into his own personal bank account.
After entering a guilty plea last week, Simpson was sentenced to 27 months in prison, and ordered to payback the stolen $488,136.97 to Chubb Limited, Thrivent Investment Management’s insurance provider. Chubb Limited covered the money reportedly stolen from the four plaintiffs.
According to BrockerCheck, Simpson was indefinitely barred by the Financial Industry Regulatory Authority (FINRA) in 2018 after failing to make notice of a previous felony charge on his record. On December 12, 2011 he was charged with theft by failure to make required disposition of property worth $10,000 or more. That charge was amended to “Wanton Abuse/Neglect of Adult by a person” in March of 2017.
That charge is still pending in Webster County Circuit Court. His next appearance in court for that case will be on July 2.
Prior to working for Thrivent Investment, Simpson’s work history according to FINRA includes First Baptist Church in Madisonville; Woodman Financial Services of Omaha, NE; Green Grove Baptist Church in Providence; Combined Insurance in Clay; and Allstate Insurance in Madisonville.
Contact Matt Hughes at email@example.com or 270-667-2069