After a seven-day trial, a federal jury in Baltimore found James William Wilson, Jr., 77, guilty of multiple charges related to a $20 million insurance fraud scheme. The Owings Mills resident was convicted on 13 counts of fraud, three counts of money laundering, two counts of filing false tax returns, and one count of aggravated identity theft.
The verdict was announced by Erek L. Barron, U.S. Attorney for the District of Maryland; Stuart M. Goldberg, Acting Deputy Assistant Attorney General from the Department of Justice Tax Division; and Kareem Carter, Special Agent in Charge at the IRS-Criminal Investigation Division's Washington Field Office.
Evidence presented during the trial revealed that Wilson secured over 40 life-insurance policies by misrepresenting applicants' health and financial status. These policies had total death benefits exceeding $20 million. Additionally, Wilson defrauded investors to fund premium payments for these policies. He concealed his activities through various bank accounts and filed false tax returns for 2018 and 2019 to hide approximately $5.7 million and $2 million in fraudulent proceeds respectively.
Wilson is set to be sentenced on May 1, 2025. He faces up to 20 years in prison for each count related to conspiracy, wire fraud, mail fraud, and money laundering; three years for each false tax return charge; and two years for aggravated identity theft. Sentencing will be determined by a federal district court judge based on the U.S. Sentencing Guidelines.
Wilson's wife, Maureen Wilson, 76, has also been charged with similar offenses including fraud and money laundering related to the same scheme. Her trial is scheduled for March 3, 2025.
The investigation was led by IRS-Criminal Investigation with support from the Maryland Insurance Administration and the Maryland Office of The Attorney General. U.S. Attorney Barron praised their efforts along with those of Assistant U.S. Attorneys Matthew P. Phelps and Philip Motsay as well as Trial Attorneys Shawn Noud and Richard Kelley who prosecuted the case.
Further information about the Maryland U.S. Attorney’s Office can be found on their website.