A Lake Worth, Fla. insurance agent’s license has been suspended after he allegedly misappropriated automobile insurance premiums and issued bogus insurance identification cards to consumers.
Hector Marcano, owner of American Dream Insurance Services, allegedly misappropriated automobile insurance premium funds from at least three different Florida insurance consumers in the past year, according to investigators in the office of Florida CFO Jeff Atwater.
The CFO’ Division of Agent and Agency Services investigated the allegations after consumers filed complaints. Officials said Marcano confessed that he collected insurance premium funds, failed to forward the proper money to insurance companies to secure coverage, and provided fraudulent insurance cards. Marcano was arrested in October and again this month related to the allegations.
The criminal court cases are pending, officials said.