Monday, February 26, 2001

Ex-insurance agent gets prison in thefts

        A former Equitable agent has been sentenced in federal court to 18 months in prison and ordered to pay $470,000 in restitution in connection with thefts from clients, the office of the U.S. attorney announced.

        Nine clients gave Greggory Petty, 37, money to be deposited in their Equitable accounts.

        Mr. Petty, however, deposited the money in a personal bank account and used the funds to gamble at a Lawrenceburg casino, authorities said.

        He was sentenced Friday by U.S. District Court Judge S. Arthur Spiegel.

        Mr. Petty was an agent for the Equitable Life Assurance Society, with offices in Cincinnati. The thefts occurred from May 1997 to December 1998. He pleaded guilty in September.

        The thefts were done without the knowledge of Equitable, which has reimbursed the accounts in full, the U.S. attorney's office said.


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