A federal jury has found James William Wilson, Jr., 77, from Owings Mills, Maryland, guilty of multiple charges including fraud and money laundering. The decision came after a seven-day trial in Baltimore, Maryland. Wilson was convicted on 13 counts of fraud, three counts of money laundering, two counts of filing false tax returns, and one count of aggravated identity theft.
The verdict was announced by Erek L. Barron, U.S. Attorney for the District of Maryland; Stuart M. Goldberg, Acting Deputy Assistant Attorney General from the Department of Justice Tax Division; and Kareem Carter, Special Agent in Charge at the IRS-Criminal Investigation Division's Washington Field Office.
Evidence presented during the trial revealed that Wilson defrauded life-insurance companies by obtaining over 40 policies through misrepresentation regarding applicants' health and financial status. These policies amounted to death benefits exceeding $20 million.
Wilson also deceived individual investors to fund premiums for these fraudulent policies. He concealed his activities by moving funds across various bank accounts under different names and filed false tax returns for 2018 and 2019 to hide about $5.7 million and $2 million in fraudulent proceeds respectively.
Sentencing is set for May 1, 2025, where Wilson faces up to 20 years in prison for each conspiracy-related charge and three years per count for filing false tax returns. Additionally, he could receive two years for aggravated identity theft. Sentencing will be determined by a federal district court judge considering U.S. Sentencing Guidelines among other factors.
Wilson’s wife Maureen also faces charges related to fraud and conspiracy with her trial scheduled for March 3, 2025.
The case was investigated by IRS-Criminal Investigation with support from the Maryland Insurance Administration and the Maryland Office of The Attorney General.
U.S. Attorney Barron commended the efforts of the IRS-Criminal Investigation Division along with Assistant U.S. Attorneys Matthew P. Phelps and Philip Motsay as well as Trial Attorneys Shawn Noud and Richard Kelley who prosecuted this case.
For further details on resources available through the Maryland U.S. Attorney’s Office visit their official website at www.justice.gov/usao-md.
