Texas Insurance Agent Pleaded Guilty After Stealing Premiums

A Texas Department of Insurance (TDI) investigation led to prison time for a former insurance agent who overcharged almost $300,000 in insurance premiums.

Carlyle Poindexter pleaded guilty to conspiracy to commit wire fraud in August and was sentenced to five years in federal prison and a $50,000 fine.

“It’s just flat-out theft of taxpayer money,” said Chris Yates, TDI fraud unit investigator. Yates brought in the FBI, whom he works closely with to combat financial crimes and insurance fraud in South Texas.

According to a TDI press release, in 2012, the Maverick County Solid Waste Authority (MCSWA) needed a surety bond to get a state permit to operate a landfill. MCSWA asked local independent insurance agent Jose Jaime Rodriguez to find them an insurance company. Rodriquez contacted Poindexter, TDI reported, and the pair placed the bond with Lexon Insurance Company for $2.9 million. It later became $3.8 million.

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Over six years, Poindexter charged MCSWA $712,350 in premiums but gave Lexon just $329,313. He kept almost $300,000 in addition to the $82,532 he and Rodriguez got in commissions.

Poindexter said the extra was for fees but didn’t have proof that MCSWA agreed to pay for fees.

“At the end of the day, he stole money from the citizens and masked it as legitimate fees,” Yates said.

Lexon discovered that Poindexter and Rodriquez were overbilling and reported suspected insurance fraud to the TDI Fraud Unit in 2017.

TDI’s Enforcement Division revoked Poindexter’s license in 2020 and suspended Rodriguez’s license for two years. Poindexter and Rodriguez were ordered to pay restitution to MCSWA.

Topics Texas Agencies Fraud