A federal judge in Houston on Wednesday sentenced Charles Craig Jordan, who pleaded guilty to conspiracy to commit mail and wire fraud. Jordan was also ordered to pay almost $9.7 million in restitution to more than 500 victims.
Prosecutors say the scheme involved a Houston company called Secure Investment Services and American Settlement Associates. A co-defendant, Kelly Taylor Gipson of Rockwall, awaits sentencing after pleading guilty to conspiracy to launder proceeds from the fraud.
A life settlement is when people who are typically elderly or terminally ill sell their life insurance policies for a cash payment. Investigators say Jordan and Gipson misused investor money and the policies lapsed.