The Louisiana Department of Insurance announced that a former Hammond insurance agent was arrested and issued a Cease and Desist Order for allegedly misappropriating insurance funds.
DOI Fraud Unit investigators served Lee Ponder Yarborough, Jr., with a C&D order at the time he was arrested by members of the State Police Fraud Unit for misappropriation and theft.
According to the C&D order, Yarborough misappropriated insurance premiums of just under $2,000. He is prohibited from engaging in any activity relating to the business of insurance, effective immediately. In addition, he is subject to fines and other penalties for the activities outlined in the order.
Yarborough held a property and casualty insurance license from May 1986 until May of 2003 and a life and health license from March 17, 1998 until May 2002. Department addresses for him are: 31028 Highway 1064 West, Tickfaw, and 134 Robin Hood Drive, Hammond.
The DOI said the actions were taken as part of a continuing series of shutdowns of illegal operations in the insurance industry.
“Consumers can help us tremendously in our efforts to stamp out insurance fraud in Louisiana,” said Insurance Commissioner J. Robert Wooley. “They are one of our best sources of information about all types of insurance fraud. I urge consumers who feel uneasy about any insurance-related transactions, including fraudulent claims filed by other consumers, to call the Fraud Unit here at the Department of Insurance. If callers don’t want their names used, they can request that their involvement be kept confidential.”
Consumers who bought policies or conducted other insurance business, such as paying premiums, with Lee Ponder Yarborough, Jr., in Tickfaw or Hammond should call the insurance company to verify that they have the coverage they paid for. If they have trouble reaching the insurance company, they can call the Louisiana Department of Insurance at (225) 342-5900, or, toll-free statewide, (800) 259-5300.
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