Raleigh, NC -- A Greensboro man was sentenced after pleaded no contest to 20 charges including solicitation and obtaining property by false pretense.
Insurance Commissioner Wayne Goodwin said William McCutcheon, 55, an insurance agent, was charged with defrauding 14 victims out of $1,951,811 between 1998 and 2006.
Goodwin said McCutcheon convinced them to invest in specific insurance products with the false promise that those investments would yield high returns with no chance of loss.
Many of the victims lost their retirement savings, while McCutcheon earned a high commission (approximately 9 percent) on each of the investments he sold, according to Goodwin.
He pleaded no contest and received two suspended 45 day sentences and five years of supervised probation.
McCutcheon was ordered to pay $95,478 in restitution-the amount of money he was paid in commission on the investments, as agreed upon by the prosecution and defense.
The charges came about as the result of a joint investigation by the Department of Insurance Criminal Investigations Division and the U.S. Postal Inspectors Service in Charlotte.
WFMY News 2