Local News

Raleigh financial adviser charged with fraud

Posted April 23, 2019 10:50 a.m. EDT

WRAL News

— A Raleigh man has been charged with 11 counts of fraud, the U.S. attorney for the Eastern District of North Carolina said Tuesday.

In a statement, U.S. Attorney Robert Higdon said that Furman Alexander Ford, 49, created and submitted fraudulent letters on behalf of an elderly victim for payments totaling $246,000.

Ford was a financial adviser at New York Life Insurance during the alleged fraud.

Authorities said the victim inherited property worth $1.3 million from a relative in Fayetteville.

Ford helped the victim establish a charitable trust and, as a financial agent, wrote and submitted letters of withdrawal from the trust, which the client needed to sign.

Investigators found that Ford wrote and submitted 11 fraudulent letters, requesting funds from $5,000 to $45,000. The money was wired into the victim’s personal checking account, which is against New York Life Insurance’s policy.

Some of the fraudulent letters appear to have the victim’s signature copied from a legitimate letter, and some appear to have been forged by Ford, authorities said.

Ford could face 20 years in prison if found guilty of the charges.