Former Hartford Life Insurance Company and Nationwide Life Insurance Company Appointed Agent Matthew Ryan Sentenced to 10 Years in Prison for Securities Fraud Involving Theft from Variable Annuity Contracts

Stockbroker Law - Friday, October 28, 2011
Former Hartford Life Insurance Company and Nationwide Life Insurance Company Appointed Agent Matthew Ryan Sentenced to 10 Years in Prison for Securities Fraud Involving Theft from Variable Annuity Contracts

On Wednesday, October 13th, Matthew John Ryan, a former Appointed Agent for The Hartford Life Insurance Company and Nationwide Life Insurance Company, was sentenced to 10 years in prison for his guilty plea relating to the theft of variable annuity contract assets transferred into his control from Hartford and Nationwide variable annuity contracts.  Ryan admitted creating fictitious companies to steal variable annuity contract assets from his customers who held variable annuity contracts issued by The Hartford and Nationwide.

Matthew Ryan previously admitted to diverting more than three million dollars in said scheme.  The scam involved variable annuity contracts issued by Hartford Life Insurance Company and Nationwide Life Insurance Company in an apparent Ponzi scheme.  Two other insurance companies have already settled claims of fixed variable annuity customers of Ryan, though there remain pending combined claims in excess of three million dollars against The Hartford and Nationwide. 

We offer a free initial consultation to former customers of Mr. Ryan who have had monies wrongfully diverted out of their Hartford and Nationwide variable annuity contracts.

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