TN-based insurance agent condemned for stealing retirement savings

TN-based insurance agent condemned for stealing retirement savings

An insurance coverage agent located in Memphis, TN continues to be sentenced after he stole greater than $300,000 from the 3 individuals’ retirement funds.

Manzur Mazumder, 49, used his hedge fund business to bilk his clients of cash. Based on the Department of Justice, he stole about $360,000 over just 3 years.

“Fraudulent schemes that steal hard-earned retirement funds from innocent victims represent the worst betrayals of rely upon our markets. We’re pleased that justice continues to be achieved with respect to the sufferers, so we commend the FBI for his or her outstanding analysis within this disturbing situation,” stated US Attorney D. Michael Dunavant.

WREG News reported that Mazumder continues to be charged of two counts of wire fraud carrying out a four-day jury trial.

Prosecutors stated that the majority of the money Mazumder stole was allocated to personal expenses. Apparently, he used the money to place a lower payment on the condo and to cover his travel expenses. He even allegedly used the funds he stole to repay his loans, bank card charges, and overdraft charges. Prosecutors added that all of those other money was day traded – which led to large losses.

Related tales:

Broker pays in cash to assist official avoid IRS – will get time in jail

GEICO employees arrested over alleged insurance scam

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