Aug. 31--A Limestone County grand jury has formally charged a Muscle Shoals man with insurance fraud and exploitation of an elderly person for selling insurance under false pretenses, records show.
Ronald Warren Powell, 55, of 104 Brooke Drive, was indicted Aug. 11 on one count each of first-degree insurance fraud and first-degree financial exploitation of an elderly person, according to the indictment. He turned himself in at the Limestone County Jail Wednesday and was released after posting a $3,500 bond, jail records show.
Powell had served as chief operating officer of Tom Jones Insurance and Financial Services Group in Muscle Shoals. The grand jury found Powell committed insurance fraud that resulted in a loss, or potential loss, of more than $1,000, and that he exploited an elderly person by taking property worth more than $2,500, according to the indictment.
Mark Fowler, chief of staff for the Alabama Department of Insurance, said at press time Thursday he could not comment on the amount of money Powell obtained from the Limestone County victim or release any other information about the case until later Thursday or on Friday morning.
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