California Insurance Commissioner Harry W. Low issued an Order of Summary Revocation dated April 5, 2001, revoking the insurance license of Allen Prasky. The revocation becomes effective May 5, 2001.
On March 14, 2001, in a plea agreement reached with the San Diego District Attorney’s Office, Prasky, 31, pled guilty to five felony counts of insurance fraud and one count of income tax evasion.
California Department of Insurance investigators allege that Prasky sold hundreds of fraudulent insurance policies to unsuspecting consumers, leaving hundreds of victims without valid automobile liability coverage and exposing California drivers to uninsured motorists. Sentencing is scheduled for June 15, 2001. If convicted, Prasky could face up to seven years in state prison and a $50,000 fine.
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