Terry Insurance agent Charles Myrick Winstead will serve 10 years in prison for taking $117,863.74 from a customer, putting the money in his own bank account, and spending it.
Winstead, 54, pleaded entered a guilty pleas in front of Madison County Circuit Court Judge William E. Chapman III. The judge sentenced him to 20 years, with 10 to serve and 10 suspended. After his release from prison he will be placed on supervised probation. Winstead must also repay Nationwide Insurance $121,811.56, as well as court costs.
According to the Attorney General’s office, Winstead advised one of his customers to cash in an insurance policy with a face value of $117,863.74 and then purchase a different policy. The customer took his advice by cashing the policy and turning the funds over to him. Winstead deposited the money into his own personal bank account and spent the money instead of submitting it to Nationwide Insurance Company. Upon learning of Winstead’s actions, Nationwide reimbursed the customer $121,811.56, which represented the principal and interest.
“While there is no sentence that would truly rectify the dishonest guidance this agent provided to his customer, I am satisfied knowing we have one more con artist behind bars and appreciate the sentence handed down by Judge Chapman,” said General Hood.
This case was investigated by Jerry Spell and prosecuted by Special Assistant Attorney General Steven Waldrup of the Attorney General’s Public Integrity Division.