ST. LOUIS (AP) – Two former St. Louis life insurance salesmen have pleaded guilty to federal charges of defrauding numerous elderly victims out of an estimated $3 million.
The U.S. Attorney’s Office says Robert Palmer and Mark Driver, who operated Princeton Partnership in the city’s Hill neighborhood, pleaded guilty late Thursday to two felony counts each of mail and wire fraud in a scheme that stretched from 2004 through 2010.
Federal prosecutors say the pair used the money from bogus real estate investments and phony life insurance annuities for their personal use and to keep the business afloat as part of a Ponzi scheme.
Sentencing is scheduled for September. Each count of mail and wire fraud carries a maximum penalty of 20 years in prison and fines up to $250,000.
© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.
MORE CRIME NEWS:
- Missouri Man Sentenced to 527 Years for Child Sexual Abuse
- Authorities Searching for Missouri Woman
- ‘Good Samaritan’ Bill Becomes Law in St. Louis
- Man Dead, 3 Officers On Admin. Leave After Belleville Police Shooting
- Phone App Needs Hotel Room Photos to End Sex Trafficking
- St. Peters Man Collected $48,000 in Federal Disability Scam