BALTIMORE, MD—A Baltimore County  man has been 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 for his role in a $20 million life insurance scheme.

Federal prosecutors say that 77-year-old James William Wilson, Jr., of Owings Mills, defrauded life insurance companies by taking out more than 40 policies. They say he misrepresented the health, wealth, and existing life insurance coverage of the applicants. These policies offered death benefits exceeding $20 million.

Wilson is also accused of defrauding individual investors to get money to pay the premiums on the life insurance policies. Prosecutors say he hid the money by transferring it to multiple bank accounts, including some that were in trusts. He then filed false tax returns in 2018 and 2019 to hide the money he had made, which was about $5.7 million in 2018 and $2 million in 2019.

U.S. Attorney for the District of Maryland Erek L. Barron announced the verdict. The IRS-Criminal Investigation led an investigation, with help from the Maryland Insurance Administration and the Maryland Office of the Attorney General.

Wilson’s wife, Maureen, 76, faces charges of fraud, conspiracy, money laundering, and filing false tax returns. Her trial is scheduled to begin on March 3, 2025.

James Wilson, Jr. is scheduled to be sentenced on May 1, 2025. He faces a maximum of 20 years in prison for each count of conspiracy, wire fraud, mail fraud, and money laundering; three years in prison for each count of filing a false tax return; and two years in prison for aggravated identity theft.

This article was written with the assistance of AI and reviewed by a human editor.

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