Augusta Businessman Walter Marion Williams Pleads Guilty to Mail Fraud

Owner of Insurance Company Defrauded Clients Out of Over $1.7 Million

March 25, 2010 - AUGUSTA, GA—Edward J. Tarver, United States Attorney for the Southern District of Georgia, announced today the guilty plea of Augusta businessman Walter Marion Williams, age 65, in United States District Court before District Judge J. Randal Hall. Williams pled guilty to count one of an information that charged Wire Fraud in violation of Title 18, United States Code, Section 1341.

United States Attorney Ed Tarver stated, “This case demonstrates that the United States Attorney’s Office remains committed to the investigation and prosecution of those who use interstate wires, the mail, the telephone, or the Internet to commit fraud against innocent victims.”

The one-count information against Williams was filed by the United States Attorney in February of 2010, and alleged that from May 1992 through October 2009, Williams defrauded investors. During today’s guilty plea hearing, the evidence showed that in October 2009, the United States Federal Bureau of Investigation began an investigation of Williams to determine whether he had defrauded clients of their investments in his insurance and investment company, Walt Williams Insurance Associates. The evidence further showed that Williams misled his clients into believing that he had invested money for them in various life insurance and annuity investments. Williams failed to invest the funds and instead deposited them into his own personal and business accounts. The evidence showed that Williams defrauded numerous clients out of more than $1.7 million.

Williams faces a maximum statutory penalty of twenty (20) years' imprisonment; a fine of $250,000; and three (3) years of supervised release. As part of his plea agreement with the government, the court can order that Williams make restitution to all the victims of this fraudulent scheme. Williams remains free on bond pending sentence. A sentencing date will be scheduled following completion of a presentence investigation and report by the United States Probation Office.

This case was investigated by agents with the Federal Bureau of Investigation, led by Special Agent Paul Kubala. Assistant United States Attorney Stephen T. Inman prosecuted the case.

For further information, please contact James D. Durham, First Assistant United States Attorney, at (912) 201-2547.