by Structured Settlement Watchdog®
A federal grand jury* in Dallas has indicted Wesley Michael Woodyard, believed to be most recently a resident of Dallas, on wire fraud and related charges stemming from his scheme to defraud Ace European Insurance Company (ACE) of more than $4.6 million from approximately 2002 through 2013, announced U.S. Attorney John Parker of the Northern District of Texas. A warrant has been issued for Woodyard's arrest.
[see United States of America v Wesley Michael Woodyard United States District Court for the Northern District of Texas Case 3-16CR-156-D Download Michael Woodyard Criminal Grand Jury Indictment North Texas 4-20-2016]
The indictment alleges that Woodyard used the majority of ACE Insurance Company funds for his own personal financial benefit, including paying for personal living expenses, gambling habits, travel expenses, and the purchase of four vehicles, including three Mercedes Benz and one Corvette, as alleged in the indictment.
I extensively covered the Woodyward's alleged fraud in my February 9, 2015 post Ringler Sued | Structured Broker MikeWoodyard in Alleged $4MM Ponzi Scheme! The fact that Ringler Insurance Agency is a structured settlement brokerage and that W. Michael Woodyard , 65, was a structured settlement broker draws the interest of the structured settlement watchdog, to help distinguish that Woodyward's activity did not involve structured settlements, how irregular Woodyward's procedures were, and that the allegations against Woodyard are not characteristic of the structured settlement industry where funds generally do not flow to the brokers directly. As I wrote then:
"Important Note The procedure described in the Woodyard (civil) complaint was highly irregular. Generally structured settlement premiums are paid by check or wire directly to a qualified assignment company, if the structured settlement obligation is assigned,and directly to the annuity issuer if the future periodic payment obligation is unassigned. Had this simple procedure been followed, in my opinion, Mike Woodyard would have not been in a position to commit the alleged acts he is accused of and Ringler is being asked to answer for".
Read the April 25, 2016 United States Department of Justice press release about the indictment of Wesley Michael Woodyard (a/k/a W.Michael Woodyard or Mike Woodyard)
What is a grand jury?
A grand jury is a legal body that is empowered to conduct official proceedings to investigate potential criminal conduct and to determine whether criminal charges should be brought. A grand jury may compel the production of documents and may compel the sworn testimony of witnesses to appear before it. A grand jury is separate from the courts, which do not preside over its functioning. Grand juries perform both accusatory and investigatory functions. The investigatory functions of the grand jury include obtaining and reviewing documents and other evidence and hearing the sworn testimony of witnesses that appear before it. The grand jury's accusatory function is to determine whether or not there is probable cause to believe that one or more persons committed a certain offense within the venue of the district court. [ Source: Wikipedia]