Fraud of the Week

 

Producer License Revoked for Fraud—Idaho

AMOUNT: $19,000

 

August 17, 2015

A nonresident producer had his license revoked for submitting two life insurance applications with forged signatures and paying the premiums out of his own personal bank account. The insurance department began its investigation after the carrier in question terminated the producer for fraudulent, illegal, and dishonest acts. The producer previously had pleaded guilty to a felony, a violation of the insurance code. The producer was ordered to pay a penalty of $19,000; he was in violation of the code nineteen times, each carrying a $1,000 penalty.