A federal grand jury has indicted a 53-year-old Bedford, N.H., man on charges he defrauded clients of his insurance agency.
Prosecutors say from October 2001 to September 2003, Raymond Douville operated an insurance agency that catered to small, independently owned trucking companies. Many of his clients borrowed from a finance company to cover the cost of most of their annual insurance premiums.
The indictment says the finance company wired loan proceeds to Douville to be held in trust for his clients and to pay their insurance premiums.
The indictment says Douville failed to pay the premiums and instead used his client’s money for his personal benefit, which left clients uninsured, but still obligated to repay their loans to the finance company.
Was this article valuable?
Here are more articles you may enjoy.
Rotting Apple: Berkley Explains Property Market, Company Appetite 
AIG to Acquire Renewal Rights of Everest’s Retail Commercial Business Worth $2B 
Catastrophe Bonds’ Huge Market Gains Put Reinsurers on Backfoot 
New York Hospital Insurer Files for Bankruptcy, Citing Child Sex Abuse Claims 
