N.J. Agent Pleads Guilty to Stealing Nearly $100,000 in Premium Money
East News • February 1, 2006
New Jersey Division of Criminal Justice Director Vaughn L. McKoy reported that a Cumberland County insurance agent has pleaded guilty to theft for stealing nearly $100,000 in insurance premium ...
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Subject: It's the same old story
Posted On: February 2, 2006, 12:16 pm CST
Posted By: Puzzled
Comment:
happens time and time again and why oh why do the brokers think they are gonna get away with it??? I know of an account here in PA. The wholesaler quoted a premium for excess cgl at $90,000. The broker gave the wholesaler the order - then the wholesaler never requested binding with the carrier - just billed it,
bogus-bindered it and pocked the 90 Grand.
Would have remained a dirty little secret had not a very large CGL claim been submitted.
Working on a similar account now, a $500,000 account. Previous agent pocketed the money for the past several years - for auto, cgl, property, producing phony binders...Got caught when a certificate holder called the supposed carrier to verify CGL coverage.
Why does this business attract so many creeps????????
Subject: It's the same old story
bogus-bindered it and pocked the 90 Grand.
Would have remained a dirty little secret had not a very large CGL claim been submitted.
Working on a similar account now, a $500,000 account. Previous agent pocketed the money for the past several years - for auto, cgl, property, producing phony binders...Got caught when a certificate holder called the supposed carrier to verify CGL coverage.
Why does this business attract so many creeps????????