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.
Monkeys Escape From Overturned Truck on Mississippi Highway 
Starr Acquiring IQUW; Starr Managing Agency to Be Among 10 Largest at Lloyd’s 
Florida Appeals Court Reverses $200M Jury Verdict in Maya Kowalski Case 
Reinsurers Hold Bulk of Jamaica’s Property Exposures From Hurricane Melissa: Reports 
