Louisiana Department of Insurance Fraud Unit investigators served a former Baton Rouge insurance producer with a cease and desist order, prohibiting him from conducting any kind of insurance business in Louisiana, Insurance Commissioner J. Robert Wooley announced.
The C&D order states that Walter James Thomas, 39, owner of the now defunct Executive’s Choice Insurance and Financial Group, engaged in a scheme to persuade customers to invest a total of more than $1 million in what appeared to be sound investments with reputable companies. However, Thomas did not invest the money. Instead, he kept it for his own personal use.
The C&D also states that he has pled guilty in federal court to one count each of: mail fraud, money laundering and making false statements on an income tax return.
Walter James Thomas held a life and health insurance license from 1987 to 2002, and a property and casualty insurance license from 1988 until 1995. His business address is listed as 6812 South Woodgate Court, Baton Rouge.
Topics Louisiana
Was this article valuable?
Here are more articles you may enjoy.
AI’s Water Strain Includes Surging Demand From Electricity Use 
How One Hacker Used AI Agents, a Few Thousand Dollars to Break Into Websites 
‘Unusual’ Isaias Brings Winds, Downed Trees But Fewer Claims Than Expected 
All in the Family: Husband, Wife and Daughter Indicted for Insurance Fraud and Bribery 
