|Targeted News Service|
"This indictment sends a strong message to insurance brokers that the theft of insurance premiums by brokers will not be tolerated in
The defendants were the managing directors of
The state grand jury indictment alleges that between
An investigation determined that the defendants allegedly commingled trust account funds with office funds, failed to remit premiums due and owing to those insurance companies, and misappropriated premiums for their own purposes.
The indictment further alleges that
In addition, the indictment alleges that on
Once the defendants' alleged fraudulent actions were discovered, the insurance companies made good on the policies, so that the policy holders did not lose coverage.
Lastly, it is alleged that the defendants failed to file an income tax return for the tax year ending 2008 and subsequently failed to pay
The indictment is merely an accusation and the defendants are presumed innocent until proven guilty. Second-degree crimes carry a maximum sentence of 10 years in state prison and a criminal fine of up to
Acting Insurance Fraud Prosecutor
TNS JF78JF-121212-4137099 EditorFurigay
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