Harrison Bailey, 54, of Yuba City, Calif., was arrested on five counts of grand theft, five counts of theft of fiduciary funds, four counts of embezzlement by an agent and one count of altering records to defraud.
Investigators from the California Department of Insurance (CDI) said Bailey was an insurance agent working at the River Valley Insurance Agency in Marysville, and reportedly made it a practice to pick up premium payments directly from his clients. The checks were allegedly made to W & B and CDI investigators allege that much of the money collected never was applied to policies.
Bailey allegedly quoted premium prices that were higher than the actual cost and allegedly pocketed the excess money. W & B is not associated with River Valley or any other insurance company account. Many clients’ policies were cancelled for lack of payment; as a result some were without workers’ compensation, liability or auto coverage. Bail was set at $20,000. If convicted, Bailey could face up to five years in state prison and/or a maximum fine of $50,000.
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