LUBBOCK, TX - Joseph Allen Gaines Jr., 65, of Lubbock was arrested Monday evening by Lubbock Police and an investigator with the Insurance Fraud Unit of the Texas Department of Insurance.
He was arrested at his residence in the 9000 block of Indiana Avenue after a brief search.
The jail roster said Gaines was charged with 2nd degree misappropriation of fiduciary property in Wilbarger County (Vernon, Texas).
A spokesperson with the Texas Department of Insurance said the current case is similar to one in Lubbock last year. In the new case, an elderly woman lost an estimated $135,000. She was told she was purchasing an annuity. The TDI said Gaines kept the money for himself and never set up the annuity.
In a last year's case, Gaines was arrested amid allegations of insurance fraud.
A statement from TDI at that time said, “A 94-year-old woman’s family called the insurance company to confirm her $700,000 investment. They were told there was no policy in their mother’s name.”
At that time TDI also said, “TDI investigators say it appears most of Gaines victims were over the age of 65, seeking investments for retirement. Gaines would sell them what he claimed were annuities, but never passed their money on to the insurance company to purchase the policies. He simply kept their money for himself.”
The TDI said Gaines gave up his license to sell insurance after his arrest last year.
Gaines was held Tuesday in the Lubbock County Detention Center in lieu of a $100,000 bond.
Anyone can report insurance fraud to TDI by calling 1-800-252-3439 or visiting tdi.texas.gov/fraud/report.html.
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