Former CT man fired from insurance job before $250K fraud scheme, warrant says

Aug. 3—TOLLAND — A former Tolland man charged in a yearslong scheme that police say defrauded people of thousands of dollars previously was fired from an insurance company for allegedly stealing from client accounts.

Ian Michael Pierce, 34, was arrested on larceny, forgery and other charges following an investigation into a life insurance fraud scheme that authorities say occurred between 2020 and November 2024.

Connecticut State Police said they launched the investigation after receiving a lead from the Connecticut Insurance Department in November 2024.

A warrant filed in state Superior Court in Rockville said the crimes for which Pierce — who police say now lives in New Hampshire — has been charged began shortly after he was terminated from an insurance company in March 2020.

Pierce was fired for "misappropriating client funds to himself" and his insurance provider license was revoked in June 2021, according to the warrant, which says his departure from the company "marked the approximate beginning" of his fraud scheme.

After his termination, police said Pierce started misrepresenting to people — including family, friends and former clients — that he was newly employed as an insurance agent with another company.

"Pierce made false assurances to his existing clients concerning this fabricated employment, including that their existing ... accounts would be properly closed for cash value or that he would remain the agent of record for those policies and that payments should still be made through him," according to the warrant for his arrest.

State police said their Statewide Organized Crime Investigative Task Force learned that Pierce used "different methods" and employed "fake personas" to collect premiums on nonexistent and lapsed life insurance policies from at least nine people.

Six of them were Connecticut residents and all nine "had some personal relationship" to Pierce, according to a state police report, which says his yearslong scheme resulted in a total aggregate financial loss of at least $250,000.

Police say Pierce "victimized at least seven individuals" by collecting premium payments for nonexistent life insurance policies or by falsely collecting on behalf of existing ones.

"In multiple instances, this caused the victims' existing, legitimate ... policies to lapse as a result of the diverted premium payments, which Pierce kept for himself under the guise that these payments were being allocated to ... policies" that actually were fictitious, according to a warrant for his arrest.

Pierce also convinced some victims to invest money into fraudulent CDs, according to police, who said they also found "instances of forgery and criminal impersonation to further the fraud scheme."

Police said Pierce would send fabricated emails to victims, posing as an attorney for the company he claimed to work for "in an attempt to legitimize his actions and provide explanation for delays in payment."

"Pierce also engaged in persistent forgery with regards to phony cashier's checks, which he would present to victims as payment or reimbursement, which were continually returned by the depositing bank," according to a warrant for his arrest.

State police said multiple electronic devices, as well as forged documents, forged checks and blank templates for printing checks, were seized during the execution of a search warrant at Pierce's Tolland residence in December 2024.

Following a lengthy investigation, police said they obtained eight warrants for Pierce's arrest and served them in June and July of this year.

Pierce is facing a number of felony and misdemeanor counts as a result of the investigation — including three counts of second-degree larceny, three counts of second-degree forgery, three counts of issuing a bad check over $2,000, one count of third-degree larceny, two counts of criminal impersonation and three counts of third-degree forgery.

In addition to those charges, court records show he also has a pending case in state Superior Court in Rockville on charges of second-degree threatening and disorderly conduct, stemming from an incident and arrest on June 25.

Court records show Pierce also has a case in state Superior Court in Hartford, stemming from a 2024 arrest by Canton police on second-degree forgery, third-degree larceny and criminal impersonation charges.

Pierce's next court appearance in Rockville is scheduled for Aug. 7, and he has a plea hearing in Hartford on Aug. 21.

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