Alfred Galoustian, 34, of Tarzana, Calif., pled no contest to two felony counts of grand theft. Galoustian was sentenced to 30 days in County Jail, 240 hours of community service, three years of summary probation, and ordered to pay $17,377.50 in restitution.
The conviction is a result of an investigation conducted by the CDI Criminal Investigations Branch’s Investigation Bureau. The investigation revealed that Galoustian worked as an insurance broker/agent in Tarzana, collected insurance premiums and allegedly failed to remit said premiums to insurance companies.
Galoustian’s reported actions exposed six consumers to the risk of loss. He allegedly collected the full premium from one client, then financed the premium without the victim’s permission and placed his own post office box address on the application preventing the victim from knowing the policy had been financed. Galoustian then failed to make the payments on the premium financing loan and the insurance policy was cancelled for non-payment.
The Los Angeles County District Attorney’s Office prosecuted the case.
Topics California Agencies
Was this article valuable?
Here are more articles you may enjoy.
NHTSA Says Some Older Ford Cars, SUVs Pose Unreasonable Safety Risks 
After 55 Years in Florida Insurance, Tom Lynch Reflects on Agencies, Changes Needed 
Great American Escapes Coverage for Grocery’s Opioid Litigation Settlement 
CBIZ Brokerage to Be Spun Off, Backed by Private Equity, After $5B Grant Thornton Deal From This Issue
