Former Financial Adviser’s Seven-Year Fraud, Tax Sentence Upheld

A former financial adviser with Northwestern Mutual lost his appeal Tuesday to undo a seven-year prison sentence for wire fraud, aggravated identity theft, and filing false tax returns.

Sentencing enhancements for committing crimes involving 10 or more victims and for willful obstruction of justice were appropriate, the US Court of Appeals for the Fourth Circuit said.

Sampson Pearson was convicted of submitting phony loan applications and disbursement requests against client insurance policies and annuities. He obtained more than $570,000 in total and reported none of the ill-gotten income on his tax returns.

He didn’t dispute that his conduct involved at ...