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.
Natural-Disaster Insurance Gap Now Exceeds $420 Billion Globally 
Roof Costs Soar Even as Claims Decline: Verisk 
Georgia Brokers and Agents Alarmed After Court Ruling Expands Liability for Them 
Shipper Escapes $41.9M Award for Man Paralyzed When Lights Fell From Pallet on Him 
