Joel Berg, the former owner of J.B. Williams & Co. in Weston, Fla., and Seacoast Marine Insurance Inc. in Fort Lauderdale, was arrested for allegedly misappropriating more than $92,000 in insurance premiums from more than 50 customers. If convicted, Berg could face up to 45 years in prison.
Berg was arrested by detectives with the Department of Financial Services, Division of Insurance Fraud. He was booked into the Broward County Jail on charges of organized fraud and misappropriation of insurance premiums. Bond was set at $28,500.
The fraud division’s investigation determined that, from June of 2002 through March of 2003, Berg accepted marine insurance premiums from at least 50 customers and did not forward the premiums to the insurance company. In each instance, investigators said, Berg received the insurance premiums from the customers and deposited the funds into his personal bank account.
The department’s Division of Agent and Agency Services revoked his agent’s license in April.
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