A former Lubbock insurance agent was sentenced Thursday to life in prison, according to a written statement from the Texas Department of Insurance (TDI).
TDI also said Joseph Allen Gaines was ordered to pay $810,000 of restitution to his victims.
“Gaines persuaded senior citizens in West Texas to purchase annuities, but then kept the money for himself,” TDI said in a written statement.
Lubbock Police Department began an investigation when a 94-year-old woman’s family tried to confirm a $700,000 investment with an insurance company. The family told LPD that there was no policy in their mother’s name.
TDI also began an investigation which resulted in felony charges in Swisher, Wilbarger, and Howard counties. Gaines was sentenced in Swisher County.
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