A Cincinnati, Ohio-area insurance agent has been sentenced for theft from Hamilton County residents, the Ohio Department of Insurance announced.
Former Ohio insurance agent Cecil Young, of Cincinnati, was sentenced to four years on community control with an 18-month suspended jail term in the Hamilton County Court of Common Pleas for theft. Young, who must also complete 400 hours of community service, stole more than $39,000 from nine Hamilton County-area clients, the department said.
A DOI investigation revealed that Young forged his clients’ signatures and made loan requests against their respective life insurance policies during 2009 and 2010. The funds from these requests were then diverted to Young for his personal use. His victims confirmed they had not requested loans against their policies, according to the DOI’s announcement.
All of Young’s victims have been made whole by their respective insurance companies, Illinois Mutual Life Insurance Co. and Motorists Life Insurance Co.
The department revoked Young’s Ohio insurance license in December 2011.
Source: Ohio Department of Insurance