Michael T. Beste: Indicted

Mar 16

Michael T. Beste was indicted March 16 in Collin County on charges of engaging in organized criminal activity and money laundering for allegedly facilitating the sale of fraudulent investments in the benefits of life insurance policies.

Beste allegedly participated in the sale of fraudulent investments by Retirement Value LLC. The indictment alleges that Beste collaborated in a scheme involving Retirement Value executives and salespersons, including Richard "Dick"Gray, Wendy Lynn Rogers, Ronald Llewellyn James, Donald L. James, Michael Charles McDermott, and Bruce Gordon Collins.

The firm sold investments structured as loans to get money to buy life insurance policies. Retirement Value promised to pay investors a fixed return, based on when the insured persons died and it would collect the death benefits.

Beste is the sixth person to be indicted in connection with the Retirement Value scheme.