A former insurance agent pleaded guilty yesterday in Prince George's County Circuit Court to defrauding and stealing about $123,000 from a retired federal employee, said Maryland Attorney General J. Joseph Curran Jr.

Curran said Peter J. Collier, 29, a former agent for New England Life Insurance, befriended Marlin F. Spence of Laurel, who served in the Navy and worked for the Department of Defense for 38 years, and persuaded him to liquidate his investments.

Curran said Spence gave Collier eight checks totaling $123,463 and the money was placed in Collier's personal checking account and used to buy a car, pay for his wedding, furnish his apartment and retire debts.

Collier's sentencing is set for Jan. 26.

Pub Date: 11/13/98