The license of James Falzone, an insurance broker based in Waltham, Mass., was revoked after he allegedly collected $2,900 from a taxi company for coverage and then never purchased a policy for the client.
The Daily News Tribune reports that Falzone’s former company, Falzone Insurance, received the money from the McCue Taxi Co. of Waterton, Mass. However, the Office of Consumer Affairs and Business Regulation charges that Falzone put the money to personal use instead of buying auto coverage for a fleet of taxis.
Besides having his license revoked, Falzone was fined $2,000 for allegedly making untrue statements on a license renewal and an employment application. Namely, Massachusetts Division of Insurance representatives charge that Falzone failed to disclose information on a 2000 insurance fraud conviction on the application.
McCue Taxi owner Robert McCue testified in 1993 that he gave Falzone a check to purchase coverage for 2004. McCue found out in May of 1994 that his taxi fleet was in fact not covered. Falzone reportedly claimed McCue’s file had been misplaced, and that the Registry of Motor Vehicles had misidentified the fleet’s insurer on the registration.
Falzone has denied the allegations.
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