Georgia Insurance Commissioner John Oxendine has revoked the licenses of two Savannah insurance agents convicted of fraud.
William Knight III and Varnedoe Hancock were indicted on fraud charges after Hancock allegedly sold a $2.5 million policy to the Savannah-Chatham County School board and then shared $22,500 of his $45,000 commission with Knight-then a member of the school board.
Hancock reportedly funneled the money to Knight through an employee of the latter’s insurance agency, Billy Knight and Company Inc.
The U.S. District Court in Savannah convicted Knight on six counts of mail
fraud, two counts of wire fraud, one count of taking a kickback, three counts of money laundering, and five counts of monetary transactions in criminally derived property. Hancock was convicted of two counts of mail fraud, two counts of wire fraud, one count of taking a kickback, and one count of monetary transactions in criminally derived property.
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