Janice Edwina Demmit, of Amarillo, has been convicted on 20 counts of conspiracy
and money laundering in relation to an annuity
investment scam that allegedly targeted retirees and the elderly.
According to prosecutors, Demmit and her son, Timothy Fry, lured in elderly
clients as registered agents with Allianz Life Insurance Company of North
America. The alleged investment scam involved convincing investors to
use funds from their Allianz annuity accounts with the promise of matching
the investment (up to $100,000) and then reinvesting the cash for them.
Unfortunately, these senior investors allegedly lost more than $600,000
in the deal. According to the indictment, Demmit and Fry instead kept
the cash after liquidating their clients' accounts. Demmit's son
pleaded guilty earlier this year to one count of money laundering. He
could face up to ten years in prison and a fine. Both Demmit and Fry will
be sentenced in October.
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