View this article online: https://www.insurancejournal.com/magazines/mag-fraud/2003/07/07/30550.htm
Arshak (Mike) Rostomyan, 27, of Glendale, Calif., was arrested for allegedly selling fraudulent insurance policies and charged with three counts of grand theft.
According to CDI investigators, Rostomyan, who owns All Century Insurance Agency in Los Angeles, sold false insurance policies to consumers and collected premiums, but never submitted the money to any insurance companies. Rostomyan’s activities left many victims without liability coverage and uninsured losses after having accidents.
Rostomyan allegedly targeted Latino and American consumers in the Los Angeles and Glendale areas. CDI Investigators suspect there are more victims in the case.