Grandparents indicted for alleged bank fraud charges

Keywords FBI / Insurance / Trusts

Two grandparents, including an Indiana woman, have been indicted for allegedly stealing insurance funds from trust accounts they created for the benefit of their 8-year-old granddaughter after their son’s death.

Jacqueline Blaylock Wisnewski, 57, of Indianapolis and Ricky Blaylock, 60, of Riverside, Illinois were charged with bank fraud related to their theft of portions of their deceased son’s $400,000 life insurance policy.

The defendants’ son, Jacob, an active-duty soldier who passed away in late 2007, held the life insurance policy he intended for his daughter, who was named as his sole heir. Under the terms of Jacob’s will, the assets of the estate were to be held in trust for the girl until she was 21 years old.

Blaylock was designated as executor of the estate and Wisnewski as the trustee, who both allegedly funneled part of the insurance proceeds into trust accounts designated for the benefit of the child.

The indictment, announced Thursday, alleges they proceeded to deplete the accounts from March 2008 through 2011 without ever making a distribution to or for the benefit of the child.

The Federal Deposit Insurance Corporation-Office of Inspector General and the Federal Bureau of Investigation are investigating the case, with Assistant United States Attorney Diane Berkowitz prosecuting.

If convicted, any specific sentence imposed on Wisnewski and Blaylock will be determined by a judge after a consideration of federal statutes and the Federal Sentencing Guidelines.

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