N.Y. Agency Owner Charged With Issuing Fraudulent Certificates of Insurance

December 28, 2012

Authorities said a New York-based insurance agency owner has been charged with allegedly issuing fraudulent certificates of insurance.

The New York State Police announced on Dec. 22 that Walter Davis, the owner of W. Davis Insurance in Saint Johnsville, N.Y., was arrested and charged with falsifying business records in the first degree (a felony) and insurance fraud in the fifth degree (a misdemeanor).

The charges stem from a months-long investigation in which it was alleged that Davis issued fraudulent certificates of liability insurance to customers and accepted premium payments for those certificates.

Authorities allege that Davis had retained the payment for himself. The investigation also revealed that he allegedly attempted to cover the fraudulent certificates by altering business records of the transactions.

An investigation was conducted jointly by the New York State Police bureau of criminal investigation, the State Police financial crimes unit and the New York State Insurance Fund. Davis was processed without incident and released on an appearance ticket returnable to the Village of Saint Johnsville Court next month.

 

Subscribe Insurance news headlines delivered to your email.
Get a free subscription to our popular email newsletter.

Latest Comments

  • January 2, 2013 at 9:10 am
    Comptown says:
    This agent should be jailed but it does highlight the ongoing problems with COIs. The requests have become outrageous and seem to be getting worse.
  • December 31, 2012 at 12:19 pm
    Agent says:
    You would get three squares a day and free medical care. The downside might be becoming a "kid" for Tyrone.
  • December 31, 2012 at 11:56 am
    caffiend says:
    I've always told my insureds that bring in the requests for the altered wording on certificates that the forms are filed with the NCDOI, and that I'd be glad to alter them if ... read more
See all comments

Add a Comment

Your email address will not be published. Required fields are marked *

*

More News
More News Features