Clive man sentenced to 19 years in prison for wire fraud

Lina Portman3 weeks ago

3 3 minutes read

HE DIED AT THE SCENE. Well, new at five, a Clive man will spend 19 years in federal prison for stealing millions of dollars from elderly Iowans. ZACHARY FLAHERTY LEARNED HIS SENTENCE TODAY. HE PLED GUILTY TO WIRE FRAUD LAST DECEMBER. UBER FLAHERTY IS A FORMER INSURANCE AGENT AND ANNUITY SELLER. Prosecutors say he took $900,000 from 12 victims in an annuity scam. The victims also wrote checks worth more than $1 million that Flaherty deposited in his name. PROSECUTORS SAY HE ALSO DEFRAUDED INSURANCE COMPANIES OF MORE THAN $650,000, IN ADDITION TO HIS PRISON SENTENCE, FLAHERTY WILL ALSO BE FINAL

Former Metropolitan Insurance Agent and Annuity Salesman Sentenced to 19 Years in Federal Prison

A former Clive insurance agent and annuity salesman will spend 19 years behind bars for stealing millions from older Iowans. Zachary Flaherty, 48, was charged with 17 counts of mail and wire fraud, one count of conspiracy to commit mail and wire fraud and two more counts of money laundering of $10,000. He was indicted in April 2023. In late November, he pleaded guilty in federal court to one count of wire fraud. On Wednesday, a federal judge sentenced Flaherty to 222 months in prison for wire fraud and an additional six months for contempt, for a total of 222 months in prison for wire fraud. 228 months, or 19 years. Flaherty was also ordered to pay $2.4 in restitution to the victims. Federal prosecutors alleged that Flaherty used his position as an insurance agent and annuity salesman to defraud about a dozen older clients in Iowa and Nebraska out of their retirement savings and other monies. . Authorities say the victims lost more than $900,000. Prosecutors say the victims also wrote checks worth more than $1 million that Flaherty deposited in their name, and Flaherty defrauded insurance companies of more than $650,000. The U.S. Attorney's Office for the Southern District of Iowa said Flaherty bought a boat, cars and other property with money he stole from his clients. Steve Frye, the son of one of Flaherty's victims, was present during the Clive man's sentencing Tuesday. “It’s hard to see the person who took your family’s money,” Frye said. “But overall the judgment was in our favor, I think. So we'll move on. That's all we can do.”

DES MOINES, Iowa —

A former Clive insurance agent and annuity salesman will spend 19 years behind bars for stealing millions from older Iowans.

Zachary Flaherty, 48, was charged with 17 counts of mail and wire fraud, one count of conspiracy to commit mail and wire fraud and two counts of money laundering over $10,000. He was indicted in April 2023.

In late November, he pleaded guilty in federal court to one count of wire fraud.

On Wednesday, a federal judge sentenced Flaherty to 222 months in prison for wire fraud and an additional six months for contempt, for a total of 228 months, or 19 years.

Flaherty was also ordered to pay $2.4 in restitution to the victim.

Federal prosecutors alleged that Flaherty used his position as an insurance agent and annuity salesman to defraud about a dozen elderly clients in Iowa and Nebraska out of their retirement savings and other monies. Authorities say the victims lost more than $900,000.

Prosecutors say the victims also wrote checks worth more than $1 million that Flaherty deposited in their name, and that Flaherty defrauded the insurance companies of more than $650,000.

The U.S. Attorney's Office for the Southern District of Iowa said Flaherty bought a boat, cars and other property with money he stole from his clients.

Steve Frye, the son of one of Flaherty's victims, was present at the Clive man's sentencing Tuesday.

“It’s hard to see the person who took your family’s money,” Frye said. “But overall the judgment was in our favor, I think. So we'll move on. That's all we can do.”