On July 19, the broker license and licensing rights of Theophilus Elo Udechukwu of Long Beach were revoked after the 37-year-old man was found guilty of multiple counts of grand theft for swindling clients on their insurance premiums.
The California Department of Insurance (CDI) launched an investigation after receiving numerous complaints from consumers, which eventually led to Acting Insurance Commissioner Clark Kelso ordering the revocation, effective Aug. 18.
Udechukwu pled Nolo Contendere (no contest) to six counts of grand theft in Los Angeles Superior Court before Judge Richard W. Lyman, and was convicted April 10, 2000. The court found Udechukwu guilty of collecting premiums from several Long Beach customers for auto and commercial insurance and failing to place the coverage with authorized insurance companies. Instead, he allegedly kept the payments for his own personal use and issued phony insurance cards to his clients.
Udechukwu was sentenced to five years formal probation, 1,000 hours of community service and was ordered to pay $10,200 in restitution to six victims.
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