Kennedy Insurance owner indicted on 6 forgery counts

April 25--Kenneth Russell French, owner of Kennedy Insurance Agency in Wichita Falls, has been indicted on six counts of forgery following action by a Wichita County grand jury released last week.

According to the indictment, French, from late 2008 into 2009, filed applications for premium financing in the names of the six individuals or companies without their knowledge. The applications requested loans for principal amounts totaling nearly $28,000 from Prime Rate Premium Finance Co., which provides financing for personal lines and commercial insurance accounts nationwide. Loans such as these allow businesses and individuals to pay premiums on a monthly basis, rather than a single lump sum annually. In this case, the loans involved interest rates of more than 20 percent for homeowners and ranging from 13.75 to 16.9 percent for the businesses, substantially increasing the total repayment due on the loans.

The indictment relates to a filing by the Texas Department of Insurance on behalf of six Wichita County complainants, including three homeowners and three businesses. The businesses included Velasquez Construction Co., Fremar Realty and Huskins Electric Co., all of Wichita Falls. The commercial business applications represent all but a few thousand dollars of the total of the loans.

French was booked into the Clay County Jail last week. His attorney, Chuck Smith, of Wichita Falls, waived arraignment in 89th District Court in Wichita Falls April 17 and entered his client's plea of not guilty to all the charges.

French was released on bonds of $10,000 for each of the six counts.

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