California Insurance Agent Sentenced For Stealing Premiums

Formerly licensed insurance agent Narek “Erik” Harutyunyan, 31, of Camarillo, Calif., was sentenced this week in Ventura County Superior Court on two felony counts of grand theft after Harutyunyan stole insurance premiums from clients, leaving them uninsured and one business owner with an uninsured loss.

The charges were reduced to misdemeanors after Harutyunyan paid $8,085 in restitution.

Harutyunyan was also ordered to pay $150 to the state restitution fund, placed on probation for one year, ordered to serve one day in jail, and ordered not to engage in any insurance type employment. The Department revoked Harutyunyan’s agent license and the license for his business, First and Last Insurance Services, on October 18, 2021.

An investigation by the Department of Insurance revealed that between September 2016 and July 2017, Harutyunyan, while a licensed insurance agent, doing business as First and Last Insurance Services in Camarillo, stole commercial premium payments he collected from his clients and diverted those funds for his own personal use.

As a direct result of Harutyunyan misappropriating premium payments, one client’s commercial policy for a truck was not valid when it was involved in an accident, leaving the business owner with an uninsured loss of more than $6,398 and a third-party claim of $107,764.

The Ventura County District Attorney’s Office prosecuted this case.