April 8, 2019

Agent Fraud — Massachusetts

Amount: $270K

A Boston insurance agent, also acting president and CEO of a Taunton, Massachusetts insurance agency has been indicted in connection with an alleged embezzlement scheme that left client companies uninsured. He has been indicted by a statewide grand jury on five counts of larceny over $250. The fraudster was a licensed insurance broker and collected insurance premiums from clients without remitting the premium payments to the insurance carriers who were supposed to be providing the policies. As a result of this embezzlement, the companies that had trusted this agent with their money had various commercial insurance policies cancelled and were left uninsured. He will be arraigned at a later date. The attorney general's office alleges that the fraudster stole over $270,000 in premium payments.