N.Y. agent arrested for grand larceny in alleged annuity scheme

A Queensbury, N.Y., insurance agent is accused of defrauding a couple by stealing money given to him for purchasing insurance policies... Joseph A. Marvullo, 60, a self-employed, independent insurance agent, was recently arrested and charged with grand larceny, according to the New York Attorney General’s Office.

Marvullo met several times at the home of a Fort Ann, N.Y., couple, who wished to purchase life insurance, disability insurance and annuity life insurance policies, according to officials. The agent represented to the couple that he could sell them annuities as investments, yielding a higher interest rate...

IFA Web News: N.Y. agent arrested for grand larceny in alleged annuity scheme