Fraud of the Week
Agency fraud – California
Amount – $450,000
An unlicensed individual was convicted of nine felony counts of grand theft for stealing $450,000 in premium payments from her small business customers. The individual was not licensed as an insurance agent but acted as one and accepted premium payments for liability, property or workers compensation coverage, and either never placed coverage or allowed the existing coverages to lapse for nonpayment. This left multiple restaurants, construction companies and biochemical companies without insurance coverage.
The individual was convicted April 7 and sentenced to two years probation and to pay $414,910 to the victims.

