
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, March 21, 1990                   TAG: 9003232600
SECTION: VIRGINIA                    PAGE: B4   EDITION: EVENING 
SOURCE: Laurence Hammack Staff Writer
DATELINE:                                 LENGTH: Medium

INSURANCE AGENT GETS FIVE YEARS

A Roanoke insurance agent who betrayed the friends he made through his church, job and social life by embezzling nearly $300,000 from them was sentenced Tuesday to five years in prison.

Larry B. Scott, 47, received the term in Roanoke Circuit Court.

Although Scott pleaded no contest earlier to embezzling about $50,000 from five clients, prosecutors contended the actual amount was about $290,000 taken from 19 people.

Most of the victims were friends who had admired Scott and trusted him to handle their insurance policies and investment plans, Chief Assistant Commonwealth's Attorney Betty Jo Anthony said.

Scott, a former Sunday school teacher and vice president of the Roanoke Jaycees, testified that he turned to embezzlement in an attempt to pay off a large debt he had incurred through several bad investments.

"It was not my intention to keep the money," Scott told Circuit Judge Diane Strickland. "I promise you that every dollar will be paid back."

Since he was charged last summer, Scott has worked as a laborer on a construction site. He brought to court his savings to date - a check for $5,000 - to offer as restitution.

But Anthony pointed out that Scott was living a more than comfortable lifestyle during the time he claimed financial hardship led him to embezzle from friends.

"During the same period of time that you were stealing $290,000, you were also living in a $200,000 home, driving new cars, going on cruises with your wife and giving parties for your friends, weren't you?" she asked Scott.

"Yes," he responded.

Scott admitted that he embezzled close to $300,000. After he was charged last summer with taking about $50,000, prosecutors struck a deal in which they promised not to file additional charges in exchange for his cooperation.

Prosecutors have said Scott often befriended people at his church and then took their money for insurance policies and investment programs to be handled by his independent business, Scott Insurance.

But the money was never invested for those purposes, as Scott used it to pay off debts he had made from previous bad investments.

by CNB