A settlement has been reached involving theft by an insurance agent employed by Allianz Life Insurance Company of North America.

The sum of $435,298.25 will be paid by Allianz to Reba Irons of Fort Smith, Arkansas.

The insurance company settled the case involving one of its insurance agents who sold annuities for the company.

The agent was sentenced in August to twenty years in prison for his role in the theft, with ten years suspended.

The agent had pleaded guilty to five counts of Theft of Property and was ordered to pay more than $138,000 in restitution to Ms. Irons, from whom he took money for investment in his personal business ventures.

The Arkansas Insurance Department revoked Middleton’s license in November 2006.

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