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Structured Settlement Broker in Texas Indicted for Fraud

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Published on Apr 29, 2016

Sixty five year old Wesley Michael Woodyard has been indicted by a federal grand jury in Dallas on six counts of wire fraud and four counts of engaging in a monetary transaction with property derived from specified unlawful activity. His alleged scheme defrauded Ace European Insurance Company of over four and a half million dollars between 2002 and 2013.

According to published reports on Insurance News Net who broke this story, here’s how he set up this reported scheme: Woodyard owned and operated a Texas company called Ringler Associates of North Texas, or RANT. Additionally he was associated with Ringler Associates Incorporated, or RAI which was the national administrative entity of Ringler. Finally, there was a third entity, Ringler Insurance Agency which handled the placement and processing of insurance and annuity business on behalf of RAI.

In terms of this scheme, RANT settled insurance claims mostly by selling structured settlements through annuities that were being sold through Ringler Insurance Agency, but in fact were being diverted directly to Woodyard and RANT, totally circumventing the standard process by which the structured settlements were typically funded and administered, leaving both RAI and RAI Insurance Agency equally in the dark as to his action.

http://thesettlementchannel.com

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