Former Ellicott City Insurance Agent Sentenced for Felony Theft
MD ( May 6, 2011) - Attorney General Douglas F. Gansler announced today that former insurance agent James Gregory Shaw, 48, of Ellicott City has been sentenced on three counts of felony theft. Howard County Circuit Court Judge Timothy McCrone imposed a five year sentence, suspending all but one year, and ordered three years' probation and restitution.
On January 24, 2011, Shaw pled guilty to stealing money from several insurance companies by changing the dates of birth on applications for annuities and receiving commissions on the sales of these annuities. These application changes made his clients' eligible for annuities for which they would otherwise not qualify and allowed Shaw to receive higher commission rates. Over a period of approximately six years, Shaw obtained more than $98,000 in commissions by committing this fraud.
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. In making today's announcement, Attorney General Gansler thanked Assistant Attorney General Benjamin Harris for his work on the case.