Man sentenced for fraudulent investment scheme - KWWL - Eastern Iowa Breaking News, Weather, Closings

Man sentenced for fraudulent investment scheme

CEDAR RAPIDS (AP) - A former insurance salesman has been sentenced to more than 5 years in prison for defrauding investors in Cedar Rapids.

U.S Attorney Matt Dummermuth announced on Thursday that William Reed Jenkins, a former insurance salesman representing Life Investors Insurance Company of America, was sentenced in federal court in Cedar Rapids.

The 60-year-old received the prison term after a Nov. 7, 2007, guilty plea to two counts of wire fraud.

At the plea hearing, Jenkins admitted that, from about July 2000 through May 2003, he and others devised a scheme to defraud Life Investors by obtaining life insurance policies in the names of individuals with serious health conditions.

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