N.Y. Agent Sentenced to House Arrest Premium Diversion

The owner of a Tonawanda, New York insurance agency was sentenced on Aug. 29 to two years probation with six months home confinement for diverting $132,000 in customers’ insurance premiums to prop up his failing business, the New York State Insurance Department reported.

Michael Maney, of East Amherst, was sentenced in U.S. District Court in Buffalo. Maney, who had operated Upstate Agency Services Inc. of Tonawanda, was also sentenced to pay full restitution. He pleaded guilty in May to misappropriation of insurance funds following an investigation by the U.S. Postal Inspection Service, the FBI and the Insurance Department’s Frauds Bureau.

Source: NYSID

Latest Comments

• September 17, 2007 at 1:31 am

  honest says:

  $132,000 is a hugh amount. I'm thinking this was not a one shot error. I heard of an agent who took $32,000 over a couple years and did 5 years in jail plus lost his license... read more
• September 17, 2007 at 8:59 am

  smith says:

  brokers who plead guilty to crimes under pressure of the Spitzer office have lost their licenses andhave been blacklisted from the industry. That is pretty rough
• September 15, 2007 at 9:34 am

  AMC says:

  Are any of you folks this angry with, or demanding the most severe penalties of fines and license suspensions for the big broker houses that engaged in bid-rigging? I haven't ... read more