Sang Nguyen, 47, of Des Moines, pled guilty on Oct. 4, 2022, to one count of Insurance Fraud - Application Submission (Class D Felony) following an investigation by the Iowa Insurance Division’s Fraud Bureau.
The investigation began in June of 2022 after the Iowa Insurance Division’s Fraud Bureau received information indicating Nguyen had provided false information to an insurer when purchasing full coverage automobile insurance.
The investigation determined that after Nguyen’s motorcycle was involved in a single vehicle collision and sustained over $3,000 in damage he contacted an insurer to purchase auto insurance coverage. During the purchase Nguyen provided false information about the existing damage to his motorcycle and was granted full coverage automotive insurance.
Days later, Nguyen filed an insurance claim alleging that the pre-existing damage occurred after he obtained the insurance coverage. Nguyen's intent was to receive insurance benefits to which he was not entitled. Nguyen was arrested on July 20, 2022.
Following his guilty plea, Nguyen received a five year suspended prison sentence and was placed on supervised probation for two years. Nguyen was also ordered to pay a fine of $1,025.
Biden independent contractor rule has implications for financial services
NAAIA names Omari Aarons executive director
Advisor News
- How can more Americans achieve financial independence?
- Savers vs. spenders: How money management attitudes impact financial confidence
- Demonstrating the value of life insurance to Gen Z
- Poor money habits are a dealbreaker in a new relationship
- DC plan sponsors see opportunity in alternatives
More Advisor NewsAnnuity News
- CA judge certifies class action in teachers’ lawsuit over in-plan annuity fees
- Globe Life Inc. (NYSE: GL) Records 52-Week High Thursday Morning
- AM Best Managing Director Joins ‘Target Topics’ Podcast to Discuss State of Delegated Underwriting Authority Enterprises Market
- KBRA Assigns Rating to TruSpire Retirement Insurance Company
- Partial annuitization: How advisors can help clients balance income, growth
More Annuity NewsHealth/Employee Benefits News
- Harrison: Rising health insurance exchange costs bad news for working poor in MS
- 94% of Americans say Congress must act on health care costs
- They harvest the nation’s food, but a new rule may strip them of health insurance
- NEW DATA SHOWS 5 MILLION AMERICANS LOST HEALTHCARE THANKS TO GARRITY-BACKED CUTS
- Get Your Kids Ready to Go Back-to-School with Affordable Health Coverage
More Health/Employee Benefits NewsLife Insurance News
- How can more Americans achieve financial independence?
- AM Best Assigns Credit Ratings to MAAGAP Insurance Inc.
- Critical care riders: the living benefit more clients should understand
- Globe Life Inc. (NYSE: GL) Records 52-Week High Thursday Morning
- AM Best Upgrades Credit Ratings of Sagicor Financial Company Ltd. and Most of Its Subsidiaries
More Life Insurance News