TEXAS INSURANCE AGENT CHARGED WITH SECURITIES FRAUD.

A Texas insurance agent has been indicted on federal charges of mail and securities fraud for allegedly soliciting clients to invest in annuities he falsely represented as variable annuities issued by CUNA Mutual Life Insurance Co.

The U.S. Attorney's Office alleges Harold Wayne Griffin, a CUNA agent, told customers he would use their invested funds to purchase TTI Annuities - which didn't exist - instead converting the money to his personal use.

The indictment alleges Griffin's fraud totaled more than $1 million and involved more than a dozen victims.