Arturo Lopez, 39, of La Puente, Calif., pleaded guilty to four counts of grand theft in Pomona Superior Court. An investigation conducted by the CDI Criminal Investigations Branch’s Investigation Bureau found that Lopez allegedly operated as an unlicensed insurance broker in Pomona and La Puente, and collected $3,500 in insurance premiums from consumers and failed to remit premiums to any identifiable insurance companies. He also purportedly issued bogus insurance identification cards to unsuspecting consumers.
Lopez’s alleged illegal actions exposed consumers to the risk of substantial financial loss in the event of an accident. One known victim suffered a loss of over $10,000 following an automobile accident because no valid insurance coverage was in effect.
Lopez could face a maximum of five years in state prison. As part of the plea agreement, Lopez agreed to pay approximately $21,000 in restitution to victims that paid him insurance premiums and for losses suffered by consumers as a result of not being covered.
Topics Agencies
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