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BALTIMORE, MD — Attorney General Anthony G. Brown announced today that the Grand Jury for Prince George’s County handed down an indictment charging Corrie Dewayne Alston, 51, of Bowie, Maryland with felony theft scheme and insurance fraud for submitting multiple fraudulent life insurance applications. The indictment includes one count of a felony theft scheme of $1,500-$25,000 and 21 counts of felony insurance fraud over $300. The investigation was led by the Attorney General’s Fraud and Corruption Unit and the Maryland Insurance Administration.
While employed as an information technology specialist for the federal government, Corrie Alston also worked a secondary job as a licensed Maryland insurance agent for the Don Pope Insurance Agency, selling policies for Senior Life Insurance Company. The…
Investment fraud targets the human desire for financial growth by promising high returns with “low to no risk.”
- Ponzi Schemes: Named after Charles Ponzi, these schemes pay “returns” to earlier investors using the capital brought in by newer investors. There is no actual underlying business; the system collapses when new recruitment slows down.
- Pyramid Schemes: Similar to Ponzi schemes, but participants are usually required to sell a product or service. The primary “profit” comes from the recruitment fees of new members rather than actual product sales.
- Pump and Dump: Fraudsters spread false, positive rumors about a cheap stock (the “pump”) to drive up the price. Once the price peaks, they sell their shares (the “dump”), leaving other investors with worthless stock.