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November 04, 2015

81-year-old Philly man charged in connection to annuity theft

Charles Spencer allegedly received $230,400 in annuity checks from Lincoln National Insurance Company

An 81-year-old Philadelphia man was charged Wednesday with mail fraud in connection to an annuity theft, U.S. Attorney Zane David Memeger announced.

Charles Spencer allegedly received, countersigned and deposited about 144 annuity checks totaling $230,400 from Lincoln National Insurance Company after his sister died on Jan. 22, 2001. Spencer, who became the guardian of his sister when she became infirmed, failed to inform LNIC of her death and continued receiving monthly annuity payments of $1,600, according to charging documents.

Spencer faces a statutory maximum sentence of 20 years in prison, a fine of up to $250,000 and possible restitution, if convicted.