Former independent insurance agent Jasmine Jamrus-Kassim was sentenced to 75 months in prison for stealing more than $1million in retirement funds from her elderly clients.
Kassim, who sold annuities for Bankers Life and Casualty Company, was arrested in March 2011 after investigators from the Washington Insurance Commissioner’s office found she had taken $1.05 million from 5 clients.
Kassim pleaded guilty in October 2011 to 21 counts of first-degree theft and one count of attempted first-degree theft. Other charges included a vulnerable victim aggravator since the five victims ranged in age from 74 to 90. This was the primary reason she received such a lengthy sentence.
Kassim’s clients cashed out large portions of their annuities thinking their money was being re-invested. She took the money and deposited into the personal accounts of her daughters as well as herself. According to Insurance Commissioner Mike Kreidler, Kassim stripped her victims of their entire life savings. Kreidler said that Kassim’s financial records indicated that she spent thousands of dollars on psychics, clothes, jewelry and trips.
Bankers Life and Casualty has agreed to repay the victims along with any tax penalties they incurred.