FLORIDA – The owner of a Pensacola insurance firm has been sentenced to prison for wire fraud and money laundering offenses, said the U.S. Attorney’s Office for the Northern District of Florida (USAO).
John Thomas, 52, of Pensacola, was sentenced to 168 months in federal prison for wire fraud and money laundering charges related to selling fraudulent insurance policies. In addition to his prison sentence, he was ordered to pay $8,340,153.34 in restitution. Jason R. Coody, United States Attorney for the Northern District of Florida, announced the sentence.
Thomas pleaded guilty on Aug. 26, 2021.
“This sentence should serve as a significant deterrent to those who would defraud our citizens, in this case depriving them of critical insurance coverage, simply to unlawfully enrich themselves,” said Coody.
“Our law enforcement partners are to be commended for their tireless dedication during this investigation and prosecution. Through their collective efforts, the defendant has been held accountable, and justice has been obtained for his victims.”
Between September 2013 and February 2021, Thomas operated an insurance business known as Thomas Insurance, LLC. and defrauded customers over $4.8 million in insurance premium payments through insurance fraud known as premium diversion, the USAO said.
Thomas reportedly executed the scheme by collecting insurance premiums from customers and keeping the funds for personal use instead of producing insurance policies. To conceal his acts, Thomas gave the customers fraudulent documents referencing insurance policies that did not exist, the USAO said.
“Today’s sentencing should serve as a warning to anyone who uses illegal means and criminal behavior to take advantage of others,” said Sherri E. Onks, Special Agent in Charge of the FBI Jacksonville Division.
“The victims in this case suffered significant loss and pain as a result of this deception, never knowing they were without insurance coverage until disaster struck. The FBI and our law enforcement partners will continue to work on behalf of innocent victims and investigate and pursue those who selfishly commit fraud for personal gain at the expense of others.”
This case resulted from a joint investigation by the Federal Bureau of Investigations and the Florida Department of Financial Services, Division of Investigative & Forensic Services, Bureau of Insurance Fraud. Assistant United States Attorney Jeffrey M. Tharp prosecuted the case.
