Ohio Insurance Director Revokes Agent’s License

February 13, 2002

Ohio Department of Insurance Director Lee Covington revoked the insurance license of George J. Fiorini II of Cincinnati and the Fiorini Agency.

Covington took the action after finding that Fiorini had allegedly committed several violations of Ohio insurance law, including misappropriating more than $100,000 in insurance premiums.

According to the Ohio Department of Insurance, beginning in December 1997 and continuing through December 1998, Fiorini required six individuals to purchase life insurance polices from himself in order to participate in an investment opportunity called “I.G.W. Trust” also referred to as “10 Percent Income Plus Plan.” Conditioning the sale of an insurance product on the purchase of another product or service is coercion and is illegal in Ohio. In a consent agreement with the Ohio Department of Commerce, Division of Securities, Fiorini allegedly also admitted that I.G.W. Trust does not exist.

Also beginning in December 1997 and continuing until May 2001, Fiorini allegedly collected $191,082.79 from the six insureds which included both insurance premium payments and payments to I.G.W. Trust. Investigators have not been able to account for $101,582.79 of the money.

In December 2001, the Department of Insurance issued a Notice of Opportunity for Hearing alleging that Fiorini was in violation of Ohio insurance law by committing unfair trade acts and practices; by using fraudulent, coercive, or dishonest practices; and by converting to one’s own use moneys belonging to policyholders, prospective policyholders, beneficiaries, and insurance companies.

Fiorini did not exercise his right to request a hearing within 30 days.

After reviewing the facts of the investigation, Covington issued the order revoking Fiorini’s license.

Topics Agencies Ohio

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