Michigan Insurance Agent Charged with Embezzling Funds from Municipalities

A Michigan insurance agent was arraigned on Oct. 31 in Oakland County District Court for allegedly forging letters from his insurance clients to embezzle funds, announced Michigan Attorney General Dana Nessel.

Robert Joseph Bucko, 70, of Novi, allegedly collected full insurance premiums from eight municipalities but only remitted a quarter or one-half of the premiums to the insurer, embezzling the remaining funds for his own personal use. Bucko, who owned and operated the Stevenson Company insurance agency in Oakland County, has been charged with:

• Two counts of Embezzlement by an Agent $100,000 or More, each a 20-year felony;
• One count of False Pretenses $50,000 or More but Less Than $100,000, a 15-year felony;
• One count of False Pretenses $20,000 or More but Less Than $50,000, a 15-year felony;
• Seven counts of Insurance Fraud, each a four-year felony; and
• Three counts of Taxes – Failure to File, each a five-year felony.

The alleged scheme relied on using premium payments from new clients to replace and fund previous accounts. Bucko reportedly owed more than $400,000 to the insurer in unpaid premiums when the alleged scheme was discovered.

It is further alleged that Bucko overcharged municipalities and failed to file Michigan income tax returns from 2021 to 2023.

The Michigan Department of Insurance and Financial Services (DIFS) assisted in this investigation.

“We expect insurance agents to handle their clients’ money with integrity,” Nessel said. “My office will continue working with the Department of Insurance and Financial Services to ensure that those who embezzle funds are held accountable.”

Bucko will next appear in the Oakland County District Court before Judge Robert Bondy on November 12.

Source: Michigan DIFS

Topics Agencies Michigan