Insurance Agent Accused Of Grand Theft, Embezzlement
April 06--A Bakersfield insurance agent is charged with grand theft and embezzlement in stealing consumers' premiums and not placing the coverage they purchased.
Jose Luis Yanez, Jr., 36, pocketed the premiums for his personal use, according to a news release from the state Department of Insurance.
"Yanez's alleged theft left homeowners without coverage and at great financial risk to loss," Insurance Commissioner Dave Jones said in the release. "I have zero tolerance for agents who violate their fiduciary responsibility and take advantage of consumers."
The Department of Insurance is concerned there may be more victims in this case and is urging consumers who purchased insurance from Yanez to contact their insurer and verify their coverage.
Yanez also falsified documents to over report the number of policies he sold, resulting in him collecting commissions he had not earned, the release said.
His next court hearing is scheduled for April 11.
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