N.Y. Agent Sentenced to House Arrest Premium Diversion

September 14, 2007

The owner of a Tonawanda, New York insurance agency was sentenced on Aug. 29 to two years probation with six months home confinement for diverting $132,000 in customers’ insurance premiums to prop up his failing business, the New York State Insurance Department reported.

Michael Maney, of East Amherst, was sentenced in U.S. District Court in Buffalo. Maney, who had operated Upstate Agency Services Inc. of Tonawanda, was also sentenced to pay full restitution. He pleaded guilty in May to misappropriation of insurance funds following an investigation by the U.S. Postal Inspection Service, the FBI and the Insurance Department’s Frauds Bureau.

Source: NYSID

Latest Comments

  • November 7, 2012 at 12:13 pm
    rich wetherbee says:
    Who is Mike Maney? Can I contact him?
  • September 17, 2007 at 1:31 am
    honest says:
    $132,000 is a hugh amount. I'm thinking this was not a one shot error. I heard of an agent who took $32,000 over a couple years and did 5 years in jail plus lost his license... read more
  • September 17, 2007 at 8:59 am
    smith says:
    brokers who plead guilty to crimes under pressure of the Spitzer office have lost their licenses andhave been blacklisted from the industry. That is pretty rough
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