An insurance agent in Thousand Oaks, California, who has been identified as Jerry B. Goldman has just been arrested following a investigation by the Federal Bureau of Investigation and the U.S. Department of Justice.
He was expected to be arraigned this afternoon in United States District Court in Los Angeles.
Goldman, 59, the co-owner of JBG Insurance Agency fraudulently scammed wealthy clients such as Tom Hanks and musician Andy Summers out of hundreds of thousands of dollars in his “elaborate scheme,” which was said to have taken place over a period of thirteen years.
Goldman reportedly grossly overcharged his clients for coverage on items such as expensive cars, fine art, valuables as well as real-estate. He would then pocket the excess amount which far exceeded the actually cost of the policy.
Goldman, who remains in jail…sent his clients with bogus documentation which often showed a cost which was 600% greater than the actual cost of the policy.
In the state of California…using a United States post office or private mail carrier to send or receive any materials related to a scheme to commit fraud is a felony and often results in harsh penalties.
Goldman faces ten felony counts of mail fraud for sending the fraudulent documentation through U.S postal services. Each count is punishable by a 20 year prison sentence. If founded guilty on all counts…he faces up to 200 years behind bars.