Ohio Life Insurance Advisor Sentenced for $707K Fraud and Tax Evasion

Ronald Scott Daley, a former employee of a life insurance brokerage firm in the Southern District of Ohio, was sentenced to 54 months in federal prison for wire fraud and tax evasion. Daley engaged in a scheme from 2012 to 2020 where he persuaded elderly clients to withdraw funds from insurance products and redirect these to accounts he controlled. This fraudulent activity resulted in over $707,000 taken from at least three victims. In addition to the fraud charges, Daley failed to report and pay taxes on the illicit income generated from this scheme. He has been ordered to pay restitution amounting to approximately $707,000 to the victims and nearly $212,000 to the IRS. Daley was indicted in December 2024 and pleaded guilty in May 2025. The case was prosecuted by the U.S. Attorney's Office for the Southern District of Ohio with involvement from the FBI and IRS Criminal Investigations. This conviction highlights ongoing regulatory and compliance risks in life insurance advising, particularly related to elderly clients and fraud prevention.