Powell charged with diverting possibly millions in insurance fraud scheme

By  | August 31, 2017 | Filed under: News

Ronald Powell

ATHENS – Ronald Powell, arrested Wednesday on charges of insurance fraud and exploitation of an elderly person, stated through his attorney today that he “absolutely denies” any claim that he gained control of millions of dollars from the sale of false insurance policies.

Wednesday, the Limestone County Grand Jury returned a true bill of indictment against Powell alleging that he  gained control of millions of dollars under false pretenses from elderly victims who thought they were buying insurance policies. Instead, according to the Alabama Department of Insurance, the money collected went directly into Powell’s pockets. The charges allege that Powell converted the funds via forged signatures.

Back in 2015, Powell, then President of Tom Jones Financial Services, was barred by the State of Alabama from selling financial securities in Alabama in a 2015 action by the Alabama Securities Commission.

Tom Jones Financial Services was spun off from Tom Jones Insurance Agency in 2005. That company is not a part of this action.

Powell was indicted on one count of first-degree insurance fraud and one count of financial exploitation of an elderly person.

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