Long Beach Insurance Agent’s License Revoked for Grand Theft

August 3, 2000

Former Interim Insurance Commissioner Clark Kelso, before leaving office, ordered the revocation of the license and licensing rights of a Long Beach insurance broker found guilty of six counts of grand theft of insurance premiums. The license revocation becomes effective August 18, 2000.

Kelso issued the order July 19, revoking the license of Theophilus Elo Udechukwu, 37, after the agent was found guilty of multiple counts of grand theft for swindling clients on their insurance premiums. Udechukwu pled Nolo Contendere (no contest) to six counts of grand theft in Los Angeles Superior Court before Judge Richard W. Lyman, and was convicted April 10, 2000.

The court found Udechukwu guilty of collecting premiums from customers for auto and commercial insurance and failing to make the payments to authorized insurance companies. Udechukwu kept the payments for his own personal use and issued bogus insurance cards to his clients.

The California Department of Insurance (CDI) launched an investigation after receiving consumer complaints. According to CDI Investigators, several Long Beach residents paid Udechukwu insurance premiums only to realize their insurance coverage was never placed. Udechukwu was sentenced to five years formal probation, 1,000 hours of community service and ordered to pay $10, 200 in restitution to six victims.

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