Massachusetts Agent Pleads Guilty to Stealing $43K in Premiums

January 24, 2011

A Massachusetts insurance agent has pleaded guilty to pocketing $43,000 in premiums.

Richard Coscia Jr., of Winthrop, an employee of Coscia Insurance Agency, pleaded guilty to over two dozen charges, including insurance fraud and larceny, according to the state attorney general’s office.

Coscia Jr. stole the money given to him by his clients for personal auto insurance coverage, and helped cover up the scheme — which went on for almost three years — by fraudulent records to insurers to make it appear that consumers owed less money to the insurers.

In some instances, clients’ policies were cancelled and they were unknowingly left uninsured.

Coscia Jr. was ordered to pay restitution and served two years of probation.

Topics Agencies Fraud Massachusetts

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