Former Texas insurance agent gets 20-year prison sentence

Posted on Tuesday, July 16th, 2013 at 7:49 pm    

According to the Texas Department of Insurance, a former Texas insurance agent was convicted of Misapplication of Fiduciary Property by the 339th District Court of Harris County on July 8.

Houston resident Leon “Randy” Sinclair III was given a 20-year prison sentence for his first degree felony crime after half a year of investigation by the Fraud Unit of the Texas Department of Insurance. Sinclair faced these charges after it was found that he scammed at least 30 elderly people by luring them into buying fraudulent annuity policies and wiping out their life time savings and other assets. He then embezzled a total of $16 million from the policies.

Court records show that in 2010, Sinclair gave up his insurance license voluntarily.

If you feel you or someone you know have been the victim of a fraudulent insurance transaction in Dallas, get in touch with the lawyers of Smith Kendall, PLLC, by calling 214-361-6124 today. We work to help those who have been harmed by insurance bad faith.