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Harsher punishment sought in case

Prosecutors say insurer's sentence isn't adequate

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Attorneys hope to increase the punishment for a local insurance agent who pleaded guilty in March to charges that he defrauded at least 16 people out of nearly $2 million.

Federal prosecutors said in a motion filed last week that a prison term of 51 months to 63 months for Walter Williams is not adequate and that the community should treat his case as harshly as drug, gun or more violent crime. He is awaiting his sentencing on a mail fraud charge connected to a financial fraud scheme that lasted roughly 17 years.

Starting in May 1992, Williams, who at one time owned the insurance and investment company Walt Williams Insurance Associates on Wheeler Road, took thousands from his friends, family and longtime customers, promising to invest it.

He promised them security in their old age -- or hefty returns on their investments -- and the victims handed over hundreds of thousands of dollars. But the money never made it into the accounts he promised. Federal investigators said Williams used the money for himself.

Prosecutors argue -- in part -- that the Williams case should be treated more harshly in order to deter others from committing similar white-collar crimes.

Many of the victims in the case were more than 70 years old at the time of the initial investments.

Williams is free on bond. A date for his sentencing has not been determined.

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lsmith
105
Points
lsmith 05/11/10 - 12:45 pm
0
0
I know people who have lost
Unpublished

I know people who have lost money to this man. Their retirement has been ruined. No amount of jail time will give that back to them. However, the prosecutor is correct that this case deserves a maximum penalty. If he's stolen 2 million dollars, it's entirely probable that he'd do 4 or 5 years standing on his head to have that waiting for him when he's released. It's widely believed the bulk of the money has been stashed away through family and friends.
Lock him up and throw away the key..........he's destroyed retirement for some mighty good folks, he doesn't deserve to have one either.l

RAINBOW
11
Points
RAINBOW 05/11/10 - 01:54 pm
0
0
this happens way to much,so

this happens way to much,so yes punish him severely,he deserves it

Pastor Dan White
1
Points
Pastor Dan White 05/11/10 - 02:11 pm
0
0
You don't have to use a gun

You don't have to use a gun to rob people. This is a horrible crime this man did. Robbery is robbery any way you cut it.

gnumbgnuts
0
Points
gnumbgnuts 05/12/10 - 10:12 am
0
0
He did this to friends,

He did this to friends, family, and longtime customers. Imagine what he's capable of. Throw away the key.

corgimom
31234
Points
corgimom 05/13/10 - 02:34 am
0
0
How was he able to get away

How was he able to get away with this for 18 years?

Who would entrust investments to an insurance agent?

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