Kentucky Man Sentenced for Defrauding New Jersey Man’s Inheritance Worth Over $100,000
According to Insurance Journal, 70-year-old Patrick McCullagh of Georgetown, Kentucky was sentenced late last month in connection to the theft of a New Jersey client’s inheritance.
The scam began back in 2001 when McCullagh operated an insurance company in Bordentown, NJ. McCullagh’s client turned victim when he was given the responsibility of investing his mother’s inheritance “in a way that would preserve the principle while paying the man back in interest,” according to federal prosecutors.
Instead of correctly handling the inheritance that he was entrusted with, McCullagh directly took some of the funds, forged withdrawal requests, and ultimately defrauded the victim of over $100,000.
McCullagh was formally charged with and convicted of wire fraud, and has since been sentenced to a three-year prison term and to pay $98,067 in restitution.