Insurance Agent Is Sentenced To More Than Five Years In Prison For $400,000 Loan Scheme |
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U.S. Attorney’s Office
Western District of North Carolina
20 October 2020
FOR IMMEDIATE RELEASE
CHARLOTTE, N.C. – Glenda Taylor-Sanders, 52, of Matthews, N.C. was sentenced to 66 months in prison in federal court today by U.S. District Judge Robert J. Conrad Jr., for orchestrating a $400,000 fraudulent loan scheme involving insurance premiums, announced Andrew Murray, U.S. Attorney for the Western District of North Carolina.
Robert R. Wells, Special Agent in Charge of the Federal Bureau of Investigation (FBI), Charlotte Division, and Tommy D. Coke, Inspector in Charge of the Atlanta Division of the U.S. Postal Inspection Service, which oversees Charlotte, join U.S. Attorney Murray in making today’s announcement.
According to plea documents and today’s court hearing, Taylor-Sanders was a licensed Insurance Producer and Insurance Broker, and the owner of G. Taylor, Inc., an insurance agency in Charlotte that procured insurance policies for customers, including transportation companies. Court records show that in February 2018, Taylor-Sanders voluntarily surrendered all of her licenses issued to her by the North Carolina Department of Insurance (NCDOI) and acknowledged that she could no longer perform any activities for which a license from NCDOI is required.
According to court records, from February 2017 through May 2019, Taylor-Sanders defrauded an Illinois-based financial services company that provides companies with loans to pay for insurance premiums. Taylor-Sanders executed the scheme by submitting fraudulent applications and related forged documents to the financial services company, purporting to be on behalf of her transportation company clients, for the purpose of obtaining loans to cover their insurance premiums. According to court records, once the financial services company received the forged documents and approved the loans, the financial services company wired the loan proceeds to a bank account controlled by Taylor-Sanders. Court documents show that, over the course of the scheme, the financial services company wired to Taylor-Sanders more than $400,000 in fraudulently obtained loan proceeds, which the defendant used to pay for personal expenses and to further the fraud scheme.
According to court records, after some of the transportation companies began to receive communications from the financial services company about missed payment deadlines, Taylor-Sanders went to great lengths to conceal the fraud, and continued to make false representations, including instructing the financial services company to only contact her, and assuring the impacted transportation companies that the issue had been resolved.
According to court records, Taylor-Sanders used the fraudulently obtained funds to make mortgage payments on her personal residence, loan payments for a Maserati and a Mercedes Benz, to purchase Carolina Panthers tickets, and to pay for groceries and meals at restaurants.
In making today’s announcement, U.S. Attorney Murray commended the FBI and USPIS for handling the investigation and thanked NCDOI for their invaluable assistance.
Assistant U.S. Attorneys Caryn Finley and William Bozin, of the U.S. Attorney’s Office in Charlotte, prosecuted the case.