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Former agent indicted in life insurance scam

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Former Texas insurance agent Chia Wang is facing up to 99 years in prison and up to a $10,000 fine after a grand jury in Marion County indicted him this week for selling a fake life insurance policy to an 87-year-old woman.

Wang provided fake documents, convincing the woman that she had purchased a $400,000 life insurance policy. He went on to collect more than $192,000 in payments from her over two years.

“It’s a very sad story,” said TDI Fraud Chief Chris Davis. “The victim thought she was being responsible, taking care of her affairs, and instead someone was stealing a large portion of her life savings.”

The woman found out she never had a policy when she called the insurance company to ask if she had missed a payment. She had already written nine checks to Wang.

Wang is accused of theft and misapplication of fiduciary property. Both offenses were enhanced to first-degree felonies because of the victim’s age.

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