United States Attorney’s Office
Northern District of Iowa

LAS VEGAS MAN PLEADS GUILTY TO DEFRAUDING LIFE INVESTORS IN CEDAR RAPID

United States Attorney Matt M. Dummermuth announced today that a former insurance broker who submitted fraudulent life insurance applications to a Cedar Rapids insurance company pled guilty today in federal court in Cedar Rapids.

WILLIAM REED JENKINS, age 59, from Las Vegas, Nevada, formerly of California, was convicted of two counts of wire fraud.

In a plea agreement, JENKINS admitted he participated in a scheme to defraud Life Investors Insurance Company of America by obtaining life insurance policies in the names of individuals with serious health conditions. JENKINS fraudulently submitted life insurance policy applications that JENKINS knew contained false information about the applicant, including the applicant’s true health condition and employment status. JENKINS’ co-schemers paid the premiums on the fraudulently obtained policies and then attempted to collect death benefits when the sometimes seriously ill insured died.

Sentencing before United States District Court Chief Judge Linda R. Reade will be set after a presentence report is prepared. JENKINS remains free on bond previously set pending sentencing. JENKINS faces a possible maximum sentence of 40 years’ imprisonment, a $2,000,000 fine, $200 in special assessments, and 6 years of supervised release following any imprisonment.

The case is being prosecuted by Assistant United States Attorneys Peter Deegan and Ian K. Thornhill and was investigated by the Federal Bureau of Investigation.

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