Broker Trucks on Down to Jail

August 27, 2001

North Hollywood insurance broker Shahin Sean Pelaseyed was sentenced to 180 days in county jail and five years probation by a Van Nuys District Superior Court.

The sentencing comes six months after Pelaseyed pled no contest to one felony count of theft after the CDI Investigation Bureau discovered he had diverted premiums from five trucking companies seeking liability and cargo insurance. Van Nuys District Superior Court Judge Leslie Dunn convicted Pelaseyed of grand theft for keeping nearly $20,000 in insurance premiums, which was due to commercial insurance carriers. Additional terms of the sentence included the surrender of Pelaseyed’s suspended fire and casualty broker-agent license to CDI. Pelaseyed is also prohibited from ever obtaining employment in a fiduciary/trust capacity, and has been ordered to pay more than $10,000 in restitution.

This was Pelaseyed’s second theft-related conviction. In December 1997, Pelaseyed was convicted of one misdemeanor count of diversion of funds for having collected money to deliver insurance that he did not provide. In that case, the Van Nuys District Superior Court sentenced Pelaseyed to 36 months of formal probation, no jail time, and he was ordered to make full restitution. This new conviction found Pelaseyed in violation of the probation terms.

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Insurance Journal West August 27, 2001
August 27, 2001
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