Former Insurance Agent Sentenced for Felony Theft
MD ( Nov. 17, 2010) - Attorney General Douglas F. Gansler announced today that Daniel Dwight Manoff, 47, of Poolesville, pled guilty and was sentenced on two counts of felony theft. Charles County Circuit Court Judge Steven G. Chappelle sentenced Manoff to 15 years in jail, suspending all but five years, five years supervised probation, and ordered $1,274,077 in restitution.
The investigation revealed that Manoff offered to invest funds for several victims, failed to invest those funds, and used them for his personal use. From 2005 through 2008, Manoff persuaded investors to write checks as an investment in businesses he controlled. The businesses were simply bank accounts out of which Manoff wrote checks and withdrew money to pay his personal expenses.
The investigation revealed that Manoff, a former insurance agent whose license has since been revoked, would sell insurance products with high premiums. He would then advise the victims to invest money in companies that would give them a high rate of return on their investment and the returns would then pay for the premiums on the insurance products. Manoff would deposit the money into the accounts and then take the money out to pay personal debts, mortgage payments, tax debts, and other expenses for himself and his family. As the investments came due, Manoff would attempt to stall the victims. The total amount of money lost by the victims was $1,274,077.
The conviction follows a joint investigation by the Insurance Fraud Division of the Maryland Insurance Administration, the Maryland State Police and the Office of the Attorney General.