Tucson Insurance Agent Faces Prison Term Over Annuity Scheme

(Phoenix Business Journal) - A licensed insurance agent in Tucson has been sentenced to 51 months in federal prison after pleading guilty to wire fraud.

Koreasa M. Williams, 46, was sentenced on Dec. 17 by U.S. District Judge Jennifer Zipps, after Williams had previously admitted that she devised a scheme to defraud nine annuity clients out of $1,064,522. 

According to court documents, between November 2011 and October 2018, Williams operated a firm known as GLAM Insurance Services LLC, offering life, accident and health insurance policies to clients. 

She sent fictitious request forms using clients’ Social Security numbers to three life insurance companies located outside the state of Arizona seeking to withdraw funds from her clients’ annuities without their knowledge and consent. Court documents show Williams directed the life insurance companies to wire the fraudulently obtained funds directly to her personal account at a bank in San Antonio, Texas.

“It is essential that individuals who use their position and skill to harm others be held accountable,” said U.S. Attorney Gary Restaino, in a statement. “We are grateful to our partners at the FBI for bringing this case forward and are hopeful that its resolution will bring some closure for the victims.”

Upon her release from prison, Williams will be subject to 36 months of court-supervised probation. According to court documents, restitution in the case has not yet been determined.

Dec. 22, 2021


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