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.
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