A former agent pleaded guilty to wire fraud related to pocketing premiums that he was paid for various insurance policies. The man agreed to the revocation of his license and then sold his book of business to another agency, assuring them that all premiums had been paid to the respective insurers. The acquiring agency paid the man $27,282.28 for a down payment. It wasn't long before the new agency discovered that a significant number of policies had lapsed or had never been put in force because the original agent pocketed the money and failed to send it to the insurers in question. The man had continually assured his clients that the premiums had been paid when actually he pocketed the money for his personal use.