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
Was this article valuable?
Here are more articles you may enjoy.
BMW Recalls Hundreds of Thousands of Cars Over Fire Risk 
Kansas Man Sentenced for Insurance Fraud, Forgery 
‘Structural Shift’ Occurring in California Surplus Lines 
A 10-Year Wait for Autonomous Vehicles to Impact Insurers, Says Fitch 
