Cuyahoga County woman sentenced for grand theft and money laundering | #insurance | #seniors | #elderly
CLEVELAND, Ohio (WOIO) – Judith Nagy, 56, was sentenced Thursday for stealing invested funds from an elderly Ohio couple.
In a hearing held by Cuyahoga County Judge Joseph Russo, Nagy pleaded guilty to one count of grand theft and one count of money laundering.
Both are third-degree felonies.
Nagy is currently serving a 72-month sentence, with two years remaining, for theft in the Ohio Reformatory for Women for an unrelated case from 2017, according to a press release.
Judge Russo fined her $10,000 for each count and ordered her to pay restitution of $20,426.21 to the victims instead of additional prison time.
Once released from prison, Nagy will be under community control for two years, according to the release.
If she violates any conditions of community control, she could go back to prison for up to 36 months.
Nagy was indicted in Aug. 2017 by a Cuyahoga County grand jury following a criminal referral by the Ohio Department of Commerce’s Division of Securities.
Nagy was previously licensed as an investment advisor by the Division of Securities and was licensed to sell insurance by the Ohio Department of Insurance.
Nagy voluntarily terminated her securities salesperson license in 2012 and the Department of Insurance revoked her license in 2015, according to the release.
This case was prosecuted by the Office of the Cuyahoga County Prosecutor Michael C. O’Malley and presented by James May, assistant prosecuting attorney.
Before investing, the Division of Securities encourages potential investors to call the Division’s Investor Protection Hotline at 877-683-7841 to ask:
- Is the brokerage firm and salesperson licensed to sell securities in Ohio?
- Have any enforcement actions been taken against them?
- Has the security been properly registered with the Division of Securities?
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