Miamisburg, Ohio – A Miamisburg man has pleaded guilty in U.S. District Court after admitting to a scheme in which he defrauded clients, including elderly victims, out of hundreds of thousands of dollars. Ronald Scott Daley, 53, pleaded guilty to charges of wire fraud and tax evasion, federal officials announced.
According to court documents and Daley’s plea agreement, the fraud began as far back as 2012 and continued until 2020. During that time, Daley was employed at a life insurance brokerage firm where he advised clients, many of them elderly, about life insurance and annuity products.
Rather than act in the best interest of his clients, Daley devised a scheme to convince them to withdraw their assets from accounts managed by the insurance firm. He persuaded them to deposit the money into their personal bank accounts, a move that made it easier for Daley to exploit the funds. From there, Daley influenced his victims to make payments into a bank account that he controlled, allegedly for investment purposes or other reasons.
The plea documents revealed that at least three victims were defrauded of more than $707,000 in total. Daley used the money for his own benefit and failed to pay taxes on the fraudulent income he received.
In addition to the fraud charges, Daley admitted to tax evasion, further complicating his legal troubles. According to prosecutors, he failed to file proper tax returns and avoided paying taxes on the income he generated through this scheme.
Daley now faces a recommended prison sentence of up to 60 months, or five years, behind bars. As part of his plea agreement, he has agreed to repay the approximately $707,000 in restitution to his victims.
His guilty plea marks another step in the legal process as U.S. authorities continue their efforts to hold accountable individuals who exploit vulnerable victims, particularly the elderly, for personal financial gain.
