A Pikesville, Md., man who lost his Maryland insurance license in 2008 pleaded guilty April 1 to two charges in connection with a reverse-mortgage scheme that defrauded an elderly woman of $274,000 three years ago.

Edward Scott Hanson, 41, pleaded guilty to theft and exploitation of a vulnerable adult for perpetrating mortgage and insurance fraud, according to Gazette.Net.

He was sentenced to seven years in prison and ordered to pay restitution to the woman, Martha Cunningham of Bowie, Md., according to the website, citing a prosecutor in Prince George’s County, Md.

In 2005, Hanson, working for Live-Well, a company that provides reverse mortgages, told Cunningham he was taking over her insurance account. Two years later, he told her to obtain a reverse mortgage to make up some of the money he said she lost in the stock market, according to the report.

When he later left the company, he told her to write checks to him personally. Between January and December 2008, she wrote 143 checks to him, totaling more than $274,000, according to prosecutors. Hanson used the money to play bingo and wager bets at a West Virginia racetrack, prosecutors said.

The Maryland Insurance Administration revoked Hanson’s insurance license three years ago.