Hawaii Annuity News

Former Massachusetts Insurance Broker Sentenced For Fraud And Money Laundering

Joseph P. Garvey was sentenced to 71 months in prison, followed by three years of supervised release for money laundering and mail fraud. Garvey was also ordered to pay $493,748 in restitution. Garvey, a former independent producer for Transamerica and an insurance agent for the Knights of Columbus (KoC), used two intermediaries to defraud several people who thought they were buying annuity polices from Transamerica.  Instead of obtaining valid annuity policies, Garvey took checks that they had made out to Transamerica and deposited them into a bank account that he controlled. Garvey then used the victims’ monies for his and his wife’s personal benefit.  In a second scheme, Garvey pretended to be a former 80-year old client whom he had met through the KoC, in order to fraudulently withdraw funds from an annuity policy he had with the Catholic Order of Foresters.

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	Did You Know?
	Variable annuities are not suitable for meeting short-term goals Remember: Variable annuities are designed to be long-term investments, to meet retirement and other long-range goals. Variable annuities are not suitable for meeting short-term goals because substantial taxes and insurance company charges may apply if you withdraw your money early. Variable annuities also involve investment risks, just as mutual funds do.