Robert Joseph Mangiafico Jr. convinced the women to buy non-existent annuities. On Sept. 18 he was sentenced to 40 years in state prison after pleading guilty to theft and money laundering.
Mangiafico convinced several elderly widows to liquidate securities, holdings in brokerage accounts, or other assets, and transfer the funds to him or Frisco-based company Security Financial Services LLC (SFS), which was formed by Thomas Earl Grimshaw.
Mangiafico told the women he would buy annuities from legitimate insurance companies, but instead deposited their money into bank accounts held in his name, Grimshaw’s, and SFS. He used the victims’ money to pay his personal expenses and continue the fraud.
Mangiafico was sentenced to 40 years on each charge in the 380th state District Court in Collin County. The sentences will run concurrently. He was prosecuted in cooperation with the Collin County District Attorney’s Office. State Securities Board attorneys Dale Barron, Alexis Goldate and Tina Lawrence were special prosecutors.
The 2011 indictment names just four victims, who were taken for $458,361, but Mangiafico stole about $655,000 total.
Grimsha was indicted in 2011 for theft, money laundering, and engaging in organized criminal activity. The Texas Department of Insurance in 2009 cancelled his license to sell insurance on the grounds that he engaged in fraudulent practices and misappropriated money.
Mangiafico had a record that included at least four theft convictions, DWI, and a charge related to giving police officers a false address and date of birth.
Mangiafico has never been licensed by the Texas Department of Insurance to sell annuities.