BALTIMORE (WJZ) — A former Maryland insurance agent and financial planner was sentenced Wednesday in connection with a nearly $3 million fraud scheme lasting six years.
Jonathan Williams, 48, of Boston, was sentenced to 57 months in federal prison followed by three years of supervised release, the justice department said. He pleaded guilty in April.
In a plea agreement, Williams, who formerly worked for New York Life, admitted to defrauding his clients of more than $2.8 million between 2009 and 2015, which he then used to pay personal and business expenses and take vacations, among other items.
Several of Williams’ clients reportedly lost more than $100,000, with one losing more than $350,000, the justice department said.
He will also be required to pay $2.8 million in restitution.