|Federal Information & News Dispatch, Inc.|
Former Insurance Agent Sentenced for Stealing Customers' Premiums
Smart changed United customers' mailing addresses so that the customers would not receive policy statements and notices. She also changed United customers' premium payment schedules from annual and semi-annual payments to monthly payments. She continued to collect the full annual and semi-annual payments from the customers and deposited those payments into a bank account she controlled. Then she paid only the amounts due for a monthly payment. She used the difference to pay her personal expenses, much like an interest-free loan.
When Smart's scheme unraveled, policy holders were made whole, but the owners of the insurance company were not.
Grissom commended the
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