NORFOLK, Va. (WAVY) — A West Valley City, Utah, insurance agent was sentenced to five years in prison for conspiracy to commit wire fraud against elderly victims.
Between January 2011 and August 2017, Tony Scott Sellers, along with other conspirators, made material misrepresentations and omissions to sell illiquid, highly speculative investment vehicles. Sellars was a licensed insurance salesman in Idaho, according to a U.S. Department of Justice news release.
Based on these fraudulent representations, victims cashed out of 401(k) and other retirement accounts to purchase the investments, without knowing that 20% to 70% of their funds would be skimmed off the top in the form of purported “fees.”
Victims suffered the loss of over $3 million, as a result of Speller’s part in this investment fraud scheme. Most of the victims were at or near retirement age.
The illiquid, highly speculative investment vehicles were sold and controlled by Daryl Bank, and others.
“In September 2021, Bank was sentenced to 35 years in prison for his role in a nationwide investment fraud scheme that resulted in over $25 million in losses to more than 300 victims, most of whom were elderly,” the DOJ said.