A central Iowa man is accused of bilking a dozen elderly investors who prosecutors say lost nearly $2 million to the man’s schemes.
A grand jury has indicted 46-year-old Zachary James Flaherty of Clive on 17 counts of mail and wire fraud as well as money laundering. Flaherty has been an insurance agent and annuity salesman.
According to the U.S. Attorney’s Office in Des Moines, 12 residents of Iowa and Nebraska were victims who wrote over $1 million worth of personal checks to Flaherty and his two businesses, plus the group lost over $900,000 in charges, taxes, and fees on their annuities. A news release indicates Flaherty is also accused of getting insurance companies to pay over $650,000 in fraudulent commissions.
The grand jury’s indictment says Flaherty used the money to buy a boat and make payments on his mortgage and vehicle loans.