- About Us
Enumclaw life insurance salesman facing federal charges for $2 million wire fraud | U.S. District Court
Aaron Travis Beaird, an Enumclaw financial services and life insurance salesman, is in custody and facing a series of federal fraud charges.
The U.S. Western District Court charging documents filed by the U.S. Attorney stated Beaird is being charged with for wire fraud, filing a fraudulent death claim and artifice to defraud by falsely representing a life insurance policy.
The document stated, "To date, investigative inquires indicate that Aaron Travis Beaird defrauded at least five clients of approximately $2 million dollars."
Beaird worked for Team Financial Services in Enumclaw. He is in custody at the Federal Detention Center at SeaTac. He has a detention hearing Monday, July 9 at 2 p.m.
The charging papers outline an alleged scheme where Beaird diverted payments on a life insurance policy into his personal account, provided false documents and fraudulent statements "to induce the sale."
According to the U.S. Attorney, Beaird, "induced D.B. to purchase a new AUL (American United Life Insurance Company) policy with purportedly more advantageous terms and conditions."
D.B. is a retired Northwest Airlines pilot who lives in Enumclaw. He has known Bearid for 10 years.
When the two first met, Beaird sold D.B. a life insurance policy from Beneficial Life, the company Beaird was working for at the time.
Beaird told D.B. the policy was for 20 years, but it was actually set to expire in 10 years in 2013.
When D.B. discovered the policy was about to expire, Beaird claimed it was a mistake. D.B. called the insurance company and was told it was not a mistake.
In May 2011, Beaird told D.B. he felt bad and wanted to make it up to him with a new offer. He told D.B. he would sell him a $2 million life insurance policy from AUL with the $20 percent or $600,000 payout in the first year and 6.5 percent each year after the first.
Beaird convinced D.B to take the money for the $500,000 premium directly out of his Scott Trade IRA. He persuaded D.B. to rollover the Scott Trade IRA into a self-directed IRA on Sept. 2011. D.B. thought the money was to remain in the self-directed IRA until Beaird delivered the new policy. D.B. was told once the policy was delivered, "Beaird was to make arrangements to purchase an annuity. The annuity could be used to purchase life insurance without tax consequences."
The money from a Scott Trade IRA was transferred to a self-directed IRA. Unknown to D.B., $500,000 from the self-directed IRA was transferred into an entity known as Ideal Ventures LP, which was controlled by Beaird. He used a portion of the $500,000 to pay the monthly premium payment that amounted to a total of about $200,000 to AUL and the balance of the $500,000 is "unaccounted for."
On May 1, 2012, Beaird submitted a fraudulent death claim to AUL claiming D.B. had died of "acute cardiopulmonary arrest" on April 30.
AUL agreed to pay the claim and sent a condolence letter to D.B.'s home on May 23. When D.B. showed the letter to Beaird he claimed it was a mistake.
At the end of June, D.B. discovered his IRA account had been emptied.
According to the charging document, Kent Binning, managing partner of Team Financial Partners, confronted Beaird with the fraudulent death claim and he admitted to "falsifying the claim."
Beaird disappeared June 21 and on June 23 his vehicle was found at the Deception Pass Bridge. A note in the vehicle stated Beaird had jumped off the bridge. According to the documents Beaird also sent similar notes to "some of the purported victims of the scheme. One of the letters was sent to D.B. The letter references the fraudulent policies and admits responsibility for D.B.s losses. The letter was signed 'Travis the scam man.'"
The investigation was conducted by a special agent for the FBI.
The details of when and where Beaird was found and arrested is not available to this time.