The Ohio Department of Insurance Director Lee Covington supports the decision of the U.S. Federal Northern District Court for sentencing former insurance agent Richard S. Zureich of Cleveland to two years in prison and ordering him to pay $560,000 in restitution and approximately $250,000 to settle civil suits against him.
Covington previously revoked Zureich’s insurance license and warned insurance consumers regarding policies obtained from the Spectrum Insurance Company, which Zureich allegedly operated illegally.
According to the Ohio department, Zureich represented himself as an agent and owner of Spectrum Insurance, knowing that Spectrum Insurance was not a licensed corporation authorized to underwrite homeowner’s insurance in the state of Ohio.
A joint investigation of the Ohio Department of Insurance, the New Brunswick Police Department and the FBI found that between May 1, 1997 and July 31, 2000, Zureich sold Spectrum Insurance to some 200 individuals, knowing that Spectrum policies were worthless and afforded no protection against insurable hazards. Zureich allegedly pocketed an average premium payment of $500 per policy.
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