Financial Planner Convicted of Wire Fraud and Money Laundering

Caleb Deason, 34, has been convicted by a federal grand jury of one count of wire fraud and one count of money laundering.  The verdict was handed down by United States District Judge John McBryde after a two day trial and Deason was immediately taken into custody.

Deason, who was an agent of Transamerica Life Insurance Company from November 2006 through May 2010, also owned and operated CD Financial, a financial services company in Fort Worth, TX.  In October 2011, Deason sold a customer a Transamerica life insurance policy with a death benefit of $1 million.  The insured died unexpectedly in 2011 and Transamerica agreed to pay the policy’s death benefit to the insured’s wife.

Deason is guilty of fraudulently changing the bank account information and forging the beneficiary’s signature to a Transamerica wire request form in order to divert the funds from the life insurance policy to his own personal use.  According to court records, Deason used the money for personal expenses including the purchase of a 2010 Range Rover.

Caleb Deason faces a maximum sentence of 20 years in prison on the wire fraud charge and 10 years in prison on the money laundering charge.  Each charge also carries a fine of up to $250,000.  The 2010 Range Rover was administratively forfeited by the United States Secret Service

A sentencing hearing has been scheduled for April 4, 2014.

This case was investigated by the United States Secret Service and the Texas Department of Insurance.  Assistant United States Attorneys John de la Garza and Brian Poe were in charge of the prosecution.

Posted in Wire Fraud |