70 monthsin federal prison for embezzling money meant to buy injured children's annuities
A Virginia settlement administrator was sentenced to 70 months in prison for embezzling $7,957,750 that was supposed to buy annuities for 13 injured children.
Joseph Gargan created fake annuity contracts to hide the theft for years. He was also ordered to pay $9,117,165 in restitution, covering what he took plus the added cost of the replacement annuities.
Source: Claims Journal. Read more: structured settlement purchase fraud · case file