Louisiana Insurance Agent Gets Prison in Fraud Case

A 67-year-old Plaquemine, La., insurance agent has been sentenced to more than four years in federal prison for mail fraud that cost several of his insurance clients nearly $1.4 million.

U.S. District Judge Brian A. Jackson, of Baton Rouge, ordered William J. Coury to report to federal prison on May 29.

Jackson ordered Coury to serve two years under the supervision of federal investigators after he completes his 51-month prison term, according to U.S. Attorney Donald J. Cazayoux Jr.

The judge also ordered Coury to pay full restitution of $1,375,121.87 to his Jefferson Parish victims, who are listed in court records only by their initials.

The former insurance agent admitted he secretly used investment money belonging to six of his clients for personal purposes instead of placing it in annuities or other insurance products.

In his Jan. 27, 2011, guilty plea Coury said from at least 1996 through 2006, he solicited funds from clients for investment in annuities and other insurance products but instead kept the funds for his own use, according to information released by the U.S. Attorney’s Office.

The Coury investigation was conducted by the Internal Revenue Service Criminal Investigation and the Federal Bureau of Investigation. The case was prosecuted by Assistant United States Attorney M. Patricia Jones who serves as Senior Litigation Counsel.

Source: U.S. Attorney’s Office; Associated Press