N.J. Agent Pleads Guilty to Stealing Nearly $100,000 in Premium Money

February 1, 2006

  • February 2, 2006 at 12:16 pm
    Puzzled says:
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    happens time and time again and why oh why do the brokers think they are gonna get away with it??? I know of an account here in PA. The wholesaler quoted a premium for excess cgl at $90,000. The broker gave the wholesaler the order – then the wholesaler never requested binding with the carrier – just billed it,
    bogus-bindered it and pocked the 90 Grand.
    Would have remained a dirty little secret had not a very large CGL claim been submitted.

    Working on a similar account now, a $500,000 account. Previous agent pocketed the money for the past several years – for auto, cgl, property, producing phony binders…Got caught when a certificate holder called the supposed carrier to verify CGL coverage.

    Why does this business attract so many creeps????????

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