Amarillo Woman and Son Awaiting Sentencing for Retiree Investment Scam
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.