Florida authorities convict seller of phony life insurance

Incandela took nearly $490K from two senior citizens

Dec 6, 2012 @ 11:03 am

By Darla Mercado

Richard M. Incandela this week was convicted of pilfering close to $490,000 from two senior citizens in Florida who thought they were buying into stranger-originated life insurance.

Florida's chief financial officer said Mr. Incandela was sentenced to 34 months in prison plus 25 years of probation and was ordered to pay restitution to the seniors. The conviction came after an investigation by the Florida Department of Financial Services' Insurance Fraud and Agent and Agency Services divisions.

According to Jeff Atwater, Florida's CFO, between December 2007 and September 2009, Mr. Incandela — who was never licensed as an agent in the state — collected 15 premium payments from a pair of seniors totaling $489,426.

The phony agent met the two following a church presentation he had made. Mr. Incandela told the elderly investors they would collect a profit and the return of their principal after the secondary-market sale of life insurance policies that were taken out in their name — all part of a Stoli transaction.

But instead of sending out the money to cover premium payments, the fake agent used the money for his own purposes.

Mr. Incandela was incarcerated in May 2010, and the conviction is the final chapter in his checkered insurance-selling career.

In fact, in February of that year, he was arrested in a life insurance sting operation set up by state authorities. Mr. Incandela met an undercover police detective and solicited a payment of $528,000 to purchase nonexistent life insurance policies.

He was sued twice in 2009, once by the St. John Greek Orthodox Church in Tampa, Fla., and once by Mid-American Christian University in Oklahoma City.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Children of AI, and when they are coming to financial advice

Technology reporter Ryan Neal talks about the tremendous progress in artificial intelligence in other industries, and how its applications are slowly making headway in the advice sector.

Latest news & opinion

SEC advice rule hearing updates

Commission says a lot of work ahead, public will have 90 days to comment.

SEC advice proposal unveiling: Here's what to expect

Chairman Jay Clayton will initiate momentous action Wednesday, as the commission meets to debate a rule on broker and adviser standards.

How active are the largest actively managed funds?

Active-share measures for the 15 largest actively traded mutual funds.

Morgan Stanley's success looks long in the tooth to analyst

Sanford C. Bernstein & Co. analyst Christian Bolu, concerned over stalled adviser growth and what it means for lending and deposit growth, believes the stock will "under perform."

Retirement coverage gap, 401(k) rollovers are big emerging threats for plan advisers

Proliferation of state retirement programs approaching the 'tipping point' where it will lead the federal government to step in.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print