Fraud of the Week

 

July 13, 2015

 

Improperly Converting Money—Utah

AMOUNT: $1,534,935

 

A Utah man was charged with one count of Pattern of Unlawful Activity and four counts of Unlawful Dealing with Property by a Fiduciary; all counts are second degree felonies. He admitted to improperly converting money from agency trust funds to his own personal use without the agency's knowledge. He was sentenced to one to fifteen years in jail and ordered to pay $1,377,546 in restitution and $3,000 toward the cost of the investigation to the Insurance Fraud Division. He also agreed to pay $154,389 to the Utah State Tax Commission for tax liability and assessments. His insurance license is being revoked, and he will not be able to work in the insurance industry again.