Georgia Man Charged with Receiving $335,000 Stolen from a New Jersey Man's Annuity Policies

TRENTON – Attorney General Gurbir S. Grewal and the Office of the Insurance Fraud Prosecutor (“OIFP”) announced that a Georgia man was charged today with receiving $335,000 stolen from the insurance annuity policies of a New Jersey man. 

Samuel Ogunremi, 59, of Lawrenceville, Georgia, was charged with second-degree receiving stolen property in an indictment handed up by a state Grand Jury in Trenton today. Ogunremi was also charged with second-degree misconduct by a corporate official for allegedly using a corporate bank account to receive the stolen funds.

“Ogunremi may have thought he could commit his alleged crime from a distance and get away with it, but he left a criminal trail that led OIFP investigators right to him,” said Attorney General Grewal. “Financial crimes like this cost New Jersey insurance companies millions of dollars a year, and my office is determined to track down and apprehend criminals responsible for driving up the cost of insurance in our state.”

“Theft of annuity funds deprives individuals of money many of them depend on to support them in their retirement,” said Acting Insurance Fraud Prosecutor Tracy M. Thompson. “We will not allow criminals to illegally enrich themselves on the hard-earned savings of honest citizens.” 

After the case was referred to OIFP by NYL, investigators determined that the New Jersey policy holder had not requested the transfer of the funds.

According to prosecutors, the SunTrust Bank account that received the stolen funds is a business account in the name of Spare Investment, LLC. Ogunremi is listed as the owner of Spare Investment and the authorized signature of the account. The Georgia Secretary of State lists Ogunremi as the registered agent of Spare Investment, LLC.

Video surveillance and transaction records from the bank allegedly show that Ogunremi made withdrawals from the account in transactions conducted at two SunTrust branches in Georgia.  In total, Ogunremi withdrew more than $334,000.
Second-degree crimes carry a sentence of five to ten years in state prison.  The indictment is merely an accusation and the defendant is presumed innocent until proven guilty.

Deputy Attorney General Jennifer Menjivar presented the case to the grand jury.

Detective Wendy Berg coordinated the investigation. 

Acting Insurance Fraud Prosecutor Thompson thanks New York Life Insurance Company for their assistance in this case.

Acting Insurance Fraud Prosecutor Thompson noted that some important cases have started with anonymous tips. People who are concerned about insurance cheating and have information about a fraud can report it anonymously by calling the toll-free hotline at 1-877-55-FRAUD, or visiting the Web site at State regulations permit a reward to be paid to an eligible person who provides information that leads to an arrest, prosecution and conviction for insurance fraud.

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