The estranged parents of a late active-duty soldier were charged with bank fraud after stealing proceeds of trust accounts designated for the man’s only child, their 8-year-old granddaughter.
Ricky Blaylock, 60, of Riverside, Illinois, and Jacqueline Blaylock Wisnewski, 57, of Indianapolis, both formerly of Lowell, were charged with bank fraud after misappropriating more than $130,000 in funds from a life insurance policy held by their son, Jacob, an active-duty soldier, who died in late 2007, according to a release from acting U.S. Attorney Tina L. Nommay of the Northern District of Indiana.
According to the release, the late Jacob Blaylock’s will named his daughter, who was 8 at the time, his sole heir. Under the terms of his will, the assets of the estate were to be held in trust for his daughter until she was 21 years old.
His father, Ricky Blaylock, was designated executor of the estate and Jaqueline Blaylock (Wisnewski), his mother, as the trustee. The only asset was a $400,000 life insurance police, according to the release.
The indictment alleges the couple funneled proceeds from the life insurance policy from an account at JP Morgan Chase were it was initially established into a trust account set up by Blaylock and Wisnewski for their grandchild at Standard Trust Savings Bank in 2008 when the insurance policy was paid out.
More than $130,000 was placed in the new account at Standard Trust Savings Bank, according to court documents. The balance of that account stayed near $130,000 until March 17, 2010, when the couple began removing money. By Dec. 30, 2011, the account balance was $70.
None of the disbursements were made to the benefit of the couple’s granddaughter, according to the indictment.
The case is being investigated by the Federal Deposit Insurance Corp.-Office of Inspector General and the FBI. Assistant U.S. Attorney Diane Berkowitz.
Carrie Napoleon is a freelance reporter for the Post-Tribune.
