Martha Jane Terry, 63, has learned an important lesson on give and take.
Lesson on giving: The former Calif. insurance agent has been ordered to pay restitution to her victims in the amount of $33,540.70. Lesson on taking: Her license to sell insurance has been revoked by the California Department of Insurance (CDI).
Terry was convicted of one felony count of fiduciary theft by an insurance agent or broker. She has been placed on three years formal probation and ordered to serve 120 days in the county jail.
Arrested in December 2010, Terry was originally charged with 33 felony counts related to grand theft, embezzlement and theft of fiduciary funds. The criminal complaint alleged that from October 2006 to September 2010, she stole and embezzled premiums from 11 consumers while acting as a licensed agent/broker for the Hughson Insurance Agency. According to CDI investigators, Terry did not have the authority to operate under the business name of Hughson Insurance.
Investigators also found that Terry received payments for homeowner's and automobile insurance, however, she either failed to place the insurance or did not remit the full premiums to the insurer. In some cases, she issued the clients cash receipts and gave them automobile insurance ID cards showing they were "insured." One of her alleged victims discovered the sham after being involved in an accident. The alleged victim sued Terry and was awarded $7,500.
Source: www.insurance.ca.gov.
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