An Owings Mills couple was sentenced to 12 years and four years in prison, respectively, after a $20 million insurance fraud scheme.
According to the U.S. Department of Justice, James and Maureen Wilson conspired to commit insurance fraud through the acquisition of 40 life insurance policies for applicants by falsely representing their health, wealth, and existing life insurance coverage.
The death benefits in total would hit over $20 million.
In addition, the Wilsons planned to defraud investors to get money to pay premiums.
The couple transferred money they made via fraud to multiple bank accounts, including those in the name of trusts.
The Wilsons were ordered by the District of Maryland to serve three years of supervised release and to pay $16 million in restitution to victims of the insurance fraud scheme and $2.7 million in restitution to the United States.
They also ordered the Wilsons to forfeit approximately $14.8 million in seized funds.
The couple also filed false individual tax returns for 2018 and 2019.
These returns were not reported as income or pay on the $5.7 million and $2 million, respectively, they made from the fraud.
