Mar 31
2011

A Collin County grand jury on March 31 indicted Thomas Earl Grimshaw and Robert Joseph Mangiafico on charges of theft, money laundering, and engaging in organized criminal activity.

Grimshaw, of Frisco, and Mangiafico, who is currently detained in the Collin County jail, did business as Security Financial Services LLC.

The company, which was based in Frisco, allegedly sold annuities.

The Texas Department of Insurance cancelled Grimshaw's license to sell insurance in 2009, finding that he engaged in fraudulent or dishonest practices and misappropriated money belonging to an insured or insurer.