A former Wisconsin insurance agent has been ordered to pay more than $516,000 in restitution and a forfeiture of over $1 million for allegedly of misappropriating funds, making misrepresentations about insurance policies, and forging customer signatures on insurance documents, the Wisconsin Office of the Commissioner of Insurance (OCI) announced.
Jean Walsh-Josephson’s license has also been revoked.
OCI releases a monthly administrative action report that details all the actions taken by OCI against agents and insurers. This particular administrative action was notable for its size and complexity, the department said.
Insurance regulators say Walsh-Josephson misappropriated funds totaling more than $500,000 from three clients in eight separate transactions. She also is accused of falsifying at least 29 insurance documents.
According to the order issued by the OCI (see below), Walsh-Josephson also is being investigated under criminal charges of misappropriating more than $3.5 million from 16 elderly customers over 10 years.
“OCI Staff Attorney Robin Jacobs and Senior Insurance Examiner Renee Fabry worked with the victims in this case to ensure Ms. Walsh-Josephson could not prey upon any more unsuspecting consumers. This order is the result of Fabry’s and Ms. Jacobs’ hard work and the hard work of many other people inside and outside the agency,” stated Insurance Commissioner Ted Nickel. “We’re hopeful that this case will serve as a warning to others who are considering misappropriating consumer funds.”
Source: Wisconsin Office of the Commissioner of Insurance (OCI)
https://www.scribd.com/doc/312924784/Wisconsin-Agent-Restitution-Order-Jean-Walsh-Josephson
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