Prosecutors in Texas say an ex-Dallas businessman must serve seven years in a U.S. prison and repay nearly $4 million in an insurance scam targeting a British company.
Wesley Michael Woodyard was sentenced Friday in Dallas. Investigators say the 66-year-old Woodyard defrauded ACE European Insurance Company of London from 2002 through 2013.
Woodyard in December pleaded guilty to wire fraud in a plea deal.
Officials say Woodyard, who was arrested last year in Minnesota, owned an insurance company and acted an agent to sell annuities. Prosecutors say Woodyard fraudulently induced ACE European Insurance to send funds to bank accounts he controlled.
The indictment says Woodyard stole money meant to buy annuities for beneficiaries of ACE European Insurance policies, including United Nations employees hurt or killed in connection with their jobs.
