CLEARFIELD – He is accused of bilking four Clearfield County residents and a Perry County resident out of more than $6,000, and now, he has waived his charges on to court.
John Lowe allegedly signed his name to checks on inactive whole life accounts while he worked for AIG American General in Hyde before resigning in December 2003. He appeared before Magisterial District Judge Richard Ireland at Clearfield County Jail to answer for the counts.
Lowe reportedly told investigators that he found a number of life insurance accounts that appeared to be inactive but would have a cash value totaling $6,051.93 if the accounts were closed.
Court documents from investigators showed that “the defendant admitted that he fraudulently closed out numerous policies in order to obtain the cash value of the account for his own personal use or gain.”
After signing the checks, the investigation revealed that Lowe would have the checks sent to him at his business office.
The AIG customers were issued new checks after the situation was discovered. Lowe’s license has been revoked as an insurance producer.
Lowe remains free on $25,000 unsecured bail
Lowe faces felony counts including forgery, insurance fraud and theft by unlawful taking.