The president and CEO of a Taunton, Mass., insurance agency has been indicted in connection with an alleged embezzlement scheme that left client companies uninsured.
David Pietro of Sandwich, Mass., and his company, DGP Miles Insurance Agency of Taunton, were indicted yesterday by a statewide grand jury on charges of larceny over $250 – five counts each. He will be arraigned in Bristol Superior Court at a later date.
The Massachusetts Attorney General’s Office alleges Pietro, a licensed insurance broker, collected insurance premiums from clients through DGP and failed to remit the premiums payments to their insurance carriers.
As a result of the alleged embezzlement of these premiums, his client companies had various commercial insurance policies cancelled and were left uninsured.
In total, the AG’s Office alleges Pietro stole $270,423.65 in premiums from client companies.
Source: Massachusetts Attorney General’s Office
Topics Fraud Massachusetts
Was this article valuable?
Here are more articles you may enjoy.
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
Florida Insurance Costs 14.5% Lower Than Without Reforms, Report Finds 
CFC Owners Said to Tap Banks for Sale, IPO of £5 Billion Insurer 
Experian Launches Insurance Marketplace App on ChatGPT 
