December 19, 2023 - SACRAMENTO, Calif. — Robert Kirby Wells, 64, of Woodland, pleaded guilty on Monday to one count of aggravated identity theft, U.S. Attorney Phillip A. Talbert announced.

According to court documents, Wells served as an insurance broker for a company located in Denver, Colorado, that owned multifamily and commercial properties throughout the United States. Wells was responsible for obtaining several types of insurance coverage for the company’s properties, including umbrella liability coverage. As part of the fraud scheme, Wells represented to the company that he obtained umbrella coverage for properties when, in fact, he did not. Wells then invoiced and was paid for purported premiums associated with the umbrella liability policies that he had never obtained.

At times, after Wells received full payment for premiums associated with coverage he obtained for the company, as well as umbrella coverage he did not obtain, Wells secured loans purportedly to pay for the same premiums. He did so by falsely representing that he was financing the premiums on the company’s behalf and using the identities of a managing principal and employee of the company without their authorization.

This case is the product of an investigation by the Federal Housing Finance Agency Office of Inspector General, the Department of Housing and Urban Development Office of Inspector General, and the U.S. Postal Inspection Service. Assistant U.S. Attorney Matthew Thuesen is prosecuting the case.

U.S. District Judge William B. Shubb is scheduled to sentence Wells on March 11, 2024. Wells faces a mandatory sentence of two years in prison and a fine of up to $250,000. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.
Source: DOJ Release