New York State Insurance Department Superintendent Gregory V. Serio announced that a joint investigation with the Suffolk County District Attorney’s Office has resulted in the arrest of Patrick Ferguson, 53, a former independent insurance salesman, on charges of scheming to defraud and insurance fraud for allegedly keeping premium money paid by customers.
The investigation revealed that from March 2000 through 2001, Ferguson issued temporary auto insurance cards and receipt of payment to his customers and would keep the premium payments. He also allegedly kept money from customers seeking homeowners insurance. More than 20 customers, who bought insurance at his place of business, Sav-More Insurance in Huntington, New York were involved with the misappropriations estimated at $8,000.
The NYSID is seeking to learn if there were other victims. It urged any New Yorkers who may have questions or concerns about their dealings with Ferguson or Sav-More Insurance to call the Insurance Department’s Consumer Hotline at 1-800-342-3736.
Ferguson was arrested last week, and faces up to four years in prison if convicted
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