Oceanside man sentenced for scam: Howard Jackson bilked clients out of more than $300K
Jackson to spend a year in jail
Last Updated: 366 days ago
SAN DIEGO - A former Oceanside life insurance agent who conned clients out of more than $300,000 in a refinancing scam was sentenced Tuesday to a year in jail.
Howard Thomas Jackson, 60, who pleaded guilty to grand theft and theft of funds by a fiduciary, was placed on five years probation ordered to repay $339,099 to his victims.
According to the California Department of Insurance, Jackson persuaded clients to refinance their homes and invest the proceeds in life insurance policies and a company he was associated with.
Authorities said Jackson used the money to cover the first year of premiums, then spent the rest on personal and business expenses.
Investigators learned of the scam when one of Jackson's victims complained in August 2011 that the defendant had embezzled $80,000 in insurance premiums intended for the purchase of an insurance policy and investment.
Jackson's license as a property broker-agent and casualty broker-agent expired in 1995 and his license as a life-only and accident and health agent expired in 2009, authorities said.
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