Paul Parker was sentenced to 36 months in prison and ordered to pay $72,805 to the IRS and the Missouri Department of Revenue. Parker pleaded guilty in April to one count of mail fraud and three counts of failure to file a tax return. Parker held an account in the name of American Investors, Inc. for the purported purpose of receiving funds from clients to purchase life insurance annuities. Rather than purchase annuities on his clients’ behalf, Parker spent their money on personal expenses and gambling. In the course of the scheme, Parker also used monies contributed by later clients to fund repayments to prior clients. In total, Parker took in approximately $259,168 through false and fraudulent pretenses, resulting in a loss to investors of approximately $209,168. Parker also admitted to failing to file federal income tax returns for three years from 2010 to 2012.
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