Sioux Falls man loses $5,800 in alleged life insurance scam
Sioux Fall police are investigating how a man lost almost $6,000 in an alleged life insurance scam dating back to 2007.
Officer Sam Clemens says the victim signed up for a life insurance policy in 2007 with an independent agent and the victim set up an auto payment plan through his checking account for quarterly payments of $300.
Clemens said the victim recently received a letter from the insurance company stating the independent agent no longer worked at the company. The victim then called the company to cancel his policy but the company said the victim was not in its records.
Clemens said investigators are unsure where the money was going. Clemens said the victim paid out $5,800 during the time of the alleged scam.