California Insurance Agent Suspected Of Embezzlement

March 27--REDLANDS -- A Redlands insurance agent was arrested for allegedly embezzling $400,000 in premiums.

Charles Nelson Boyd, 67, was booked March 20 at West Valley Detention Center in Rancho Cucamonga on suspicion of felony embezzlement and grand theft, according to a state Department of Insurance news release.

In April 2010, the agency received a complaint alleging that Boyd had failed to remit premiums to an insurance company, officials said. At the time, Boyd sold limited medical insurance and medical discount plans.

An investigation revealed that Boyd collected premiums from several people and enrolled them in a group insurance policy, according to the news release. He then issued membership packages that included a certificate of insurance.

The insurance company canceled the group policy because Boyd failed to comply with the company guidelines, according to the news release. When Boyd learned from the insurer that coverage was being canceled, he withheld payment and failed to remit over $400,000 in premiums.

The San Bernardino County District Attorney's Office is prosecuting the case. Reach Lori via email or call her at 909-483-9378.

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