Thursday, March 17, 2022
HomeLife InsuranceEx-NYLife Rep Gets 11-Year Prison Sentence for Stealing $1M From Client

Ex-NYLife Rep Gets 11-Year Prison Sentence for Stealing $1M From Client

The letters were all mailed by Ford from his office in Raleigh. The sums requested ranged from $5,000 to $45,000 and totaled more than $376,000. The proceeds were then electronically wired by NYL to Ford’s personal checking account, DOJ said.

An FBI financial analysis traced the funds to Ford, who spent them on a BMW automobile, Rolex watches, guns, child support payments, a cruise to the Bahamas and other items.

On Dec. 29, 2014, Ford withdrew an additional $1 million from his client’s annuity account. Ford stole a total of over $1.3 million from the client, according to DOJ.

Ford was registered as a broker with NYLife Securities from October 2007 until April 2015, according to his report on the Financial Industry Regulatory Authority’s BrokerCheck website. It was the last firm he was a registered broker with in his 12-year career.

“We fully cooperated with the appropriate authorities throughout these proceedings and reimbursed the victim for her losses,” Kevin B. Maher, a New York Life spokesman, told ThinkAdvisor on Friday.

Attorneys who represented Ford, according to court documents, did not immediately respond to requests for comment on Friday.



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