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
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