Agent accused of $676,000 insurance fraud

September 10, 2008 5:34:01 AM PDT
State investigators say an eastern Pennsylvania insurance agent stole more than $676,000 by selling senior citizens fraudulent policies and investment products.

State Attorney General Tom Corbett says 54-year-old Thomas Serfass of the Allentown area faces more than 75 counts of insurance fraud, theft by deception and related charges.

District Judge David Harding ordered Serfass held in the Lehigh County Prison in lieu of $200,000 bail following an arraignment Tuesday.

Investigators say so-called "private annuities" and "asset protection policies" were marketed to 25 central- and eastern-Pennsylvania victims ranging in age from 60 to 85. Rather than being deposited in any form of secure, interest-bearing account, investigators say the money was used for business and personal expenses.

Information from: The Morning Call, http://www.mcall.com

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