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Pinellas County Annuity Agent Charged with Grand Theft After Stealing More Than $1 Million from Client

11/16/2017

For Immediate Release: Thursday, November 16, 2016
Contact: Jon Moore, 850.413.2842, Jon.Moore1@myfloridacfo.com 
 
PINELLAS, Fla. – The Florida Department of Financial Services’ (DIFS) Division of Investigative and Forensic Services announced today the recent arrest of insurance agent Michael Scott Goodrich. Goodrich was charged with grand theft after his alleged attempt to steal more than $1,000,000 from a client who thought they were purchasing an annuity from Goodrich.

Hillsborough County Sheriff’s Office received a complaint from a local consumer who believed they fell victim to a fraudulent annuity sale and HCSO referred the matter to DIFS’ investigators.
DIFS’ investigation revealed Goodrich solicited an investment into a new annuity from a prospective client in March 2016 and was able to obtain two checks totaling $1,165,000 for the investment.  The checks were asked to be made payable to Athletic Concepts Inc., where Goodrich stated the funds were to be kept until he transferred them to the annuity company.
One month later, the client followed up with Goodrich requesting an update on the status of transaction and was reassured the funds were in place to be transferred. When the client did not receive any documentation of the new investment, they became suspicious of Goodrich’s actions and were not able to personally locate the funds that were provided to Goodrich.

During DIFS’ investigation, it was determined that Goodrich stole the funds and provided them to the owner of Athletic Concepts to order fitness equipment for the startup of a fitness business. The funds were later returned to Goodrich when he canceled the order but investigators were able to learn that when Goodrich was reimbursed, he kept the funds for personal use instead of transferring them back to the victim.  

Goodrich was arrested and booked into the Pinellas County Jail November 9, 2017 with a bond set at $50,000. Goodrich has been charged with one count of grand theft first degree and if found guilty, can serve up to 20 years in prison. 
 
This case will be prosecuted by Elizabeth Jack Assistant State Attorney of the Pinellas County Office of State Attorney, Sixth Judicial Circuit. 

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