NYSID Reports Arrest of Former Insurance Broker; Kept $40,000 in Premiums

May 2, 2003

New York State Insurance Department Superintendent Gregory V. Serio and Brooklyn District Attorney Charles J. Hynes announced that a joint investigation, with the assistance of the Rackets Bureau of the Brooklyn DA’s Office, has resulted in the arrest of Michael Rickman, 63, of Brooklyn, NY, a former insurance broker, for illegally pocketing insurance premium money.

Rickman allegedly collected approximately $40,000 in premium from consumers who had purchased auto insurance. When their insurance coverage was cancelled because of lack of payment an investigation revealed that he had collected the premiums, but failed to remit to them to the appropriate insurer. More than 20 customers who bought insurance at his place of business, Michael I. Rickman, Ltd. located at One Ave T in Brooklyn, NY are thought to be involved.

Serio urged “any New Yorkers who may have questions or concerns about their dealings with Mr. Rickman or Michael I. Rickman, Ltd. to call the Insurance Department’s Consumer Hotline at 1-800-342-3736.

“Mr. Rickman took advantage of honest New Yorkers who had purchased insurance and who were keeping up with their premium payments. The successful joint investigation with the Brooklyn District Attorney’s office resulted in Mr. Rickman’s arrest, removing him from the streets to prevent him from picking the pockets of other honest New Yorkers,” he continued.

Rickman was arrested May 1 and was charged with Scheme to Defraud in the 1st degree, Grand Larceny in the 2nd degree and two counts of Grand Larceny in the 3rd degree. He faces up to 15 years in prison if convicted.

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