Richard M. Incandela has been arrested for selling nearly $500,000 worth of bogus insurance policies to two Hillsborough County senior citizens. The 57-year-old, falsely claiming to be a licensed insurance agent, met the victims through a local church. Incandela led the victims to believe that he had obtained life insurance policies through legitimate insurance companies in their names and that the policies would be sold to a third party for a profit (a STOLI transaction). From December 2007 through September 2009, he collected premiums totaling $489,426. He was arrested during an undercover operation led by the Florida Division of Insurance Fraud. Charges include Scheme to Defraud, a first-degree felony, and Unlicensed Selling of Insurance, a third-degree felony. If convicted, he faces up to 35 years in prison.