May 24--BOSTON -- A Hingham insurance broker has been found guilty of federal tax fraud for failing to report almost $400,000 of income in 2008 and 2009.
Anthony J. May, 62, of Dover, was convicted Tuesday in U.S. District Court on two counts of filing false tax returns. He operated Clients First Financial and Advantage Life Settlements from a Sharp Street office suite in HIngham. He also rented office space there to other independent insurance agents.
May faces up to three years in prison, one year of supervised release and a fine of $250,000. He'll be sentenced on Oct. 2 by U.S. District Court Judge William G. Young.
May was indicted by a federal grand jury in April 2016 and arrested by Internal Revenue Service agents at his office. The case was prosecuted by former U.S. Attorney Carmen Ortiz's economic crimes unit. May owed $396,554 in unreported income.
A former MetLife agent, he sold life insurance policies through Clients First, while he brokered the selling of policies to third-party investors through Advantage Life.
May kept a low profile in his profession and the media, but in July 2004 The Patriot Ledger reported that he had filed a Plymouth Superior Court lawsuit against his former employer, Metropolitan Life Insurance, to reclaim the records of 600 clients he had represented for the company.
Court documents showed that May sued MetLife and three local managers after he was fired, amid a dispute over commissions. May worked for the MetLife office in Hingham.
He alleged that MetLife owed him $100,000 in commissions and that the company changed his office locks and took all of his client files while he was away on vacation.
A MetLife spokesman said then that May's claim was "without merit." May started Clients First Financial after he was fired. In court documents, May said his clients had placed "a sacred trust" in him.
___
(c)2017 The Patriot Ledger, Quincy, Mass.
Visit The Patriot Ledger, Quincy, Mass. at http://ift.tt/1aYFR0G
Distributed by Tribune Content Agency, LLC.
The post Massachusetts Insurance Broker Convicted Of Tax Fraud appeared first on InsuranceNewsNet.
Related Posts :
Nearly Two-Thirds of Americans Have Low Levels Of Financial Literacy- NIPR Adds New Features To Its Mobile App For Producers
- The American College Appoints Wade Pfau Director Of The Retirement Income Certified Professional Designation Program
- Legendary ‘Black Widow’ Killed Husbands For Insurance Money
- MassMutual Consolidating Offices, Laying Off 164
0 Response to " Massachusetts Insurance Broker Convicted Of Tax Fraud "
Post a Comment