Sampson Pearson, 45, was sentenced to seven years in prison followed by two years of supervised release on March 23, 2023 for defrauding his clients of more than a million dollars in Charlotte, NC.
From 2004 to 2016, Sampson was a representative for a financial services firm. In that capacity, Sampson offered and sold life insurance products and annuities as an independent contractor for the firm in Charlotte.
As trial evidence established, Sampson used his position to defraud at least 10 victims and the firm of more than $1.1 million through a fraudulent loan and disbursement scheme.
Sampson executed the scheme by submitting falsified loan applications and requests for disbursements in the victims’ names without their knowledge and approval.
The firm authorized the loans and disbursements based on the fraudulent documents submitted by Sampson.
Sampson also directed the firm to deposit the fraudulently obtained funds into an account controlled by the defendant.
Sampson used the funds to pay for personal expenses and to fund his lifestyle. Evidence at trial showed that more than half of all the money the defendant had deposited into his bank account between 2011 and 2016 was money he stole from his victims.
Evidence also established that Sampson made Ponzi type payments to some of his victims to further perpetuate his fraud.
According to court records, Sampson also committed tax fraud for tax years 2013 through 2016, by filing fraudulent tax returns with the IRS that did not reflect the additional personal income.
After his arrest in 2017 Sampson was barred from the securities industry, according to the Financial Industry Regulatory Authority.
