A San Antonio woman pleaded guilty to fraud after a Texas Department of Insurance (TDI) investigation found she pocketed money from clients who thought they were buying home policies.
Cynthia Olague, a former insurance agent, stole premiums from more than 20 different homeowners leaving their property unprotected.
A TDI investigation found Olague would collect premiums but deposit the payments into her personal checking account, instead of forwarding the money to the insurance company. To hide the crime, she created fake insurance documents to give to her clients and their mortgage companies.
Several victims only found out they did not have coverage when they tried to file insurance claims for losses.
Olague was sentenced to five years’ in prison and ordered to pay back $19,128.
Source: TDI
Was this article valuable?
Here are more articles you may enjoy.
World’s Largest Retirement Community Set to Borrow $180 Million for More Homes 
Oaktree’s Deal to Buy A-Cap Insurer Crumbles, Spawning New Talks 
How One Hacker Used AI Agents, a Few Thousand Dollars to Break Into Websites 
Insurer Rolls Out Policy to Protect Data Centers Against Growing Backlash 
