(Greensboro, NC) -- United States Attorney for the Middle District of North Carolina Ripley Rand announced today that John A. Womack, Jr., age 66, was indicted by a federal grand jury in Greensboro, North Carolina, for allegedly defrauding insurance clients. Womack is a licensed insurance agent who did business as Womack and Associates in High Point, North Carolina.
The indictment alleges that Womack misled insurance clients into believing they were investing in Certificates of Deposit and annuities issued by several insurance companies. According to the indictment, these insurance companies did not issue the investments. The indictment also alleges that Womack took the funds of the clients for his own use.
Womack is charged with four counts of mail fraud, two counts of making false statements to an insurance examiner, and five counts of making false entries into the accounts and books of his insurance business. The defendant faces a maximum sentence of twenty years for the mail fraud counts and ten years for the false statements and entry counts.
The case is being investigated by the United States Secret Service and the Criminal Investigation Division of the North Carolina Department of Insurance. The case is being prosecuted by Assistant United States Attorney Robert M. Hamilton.
An indictment is not evidence of guilt. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.