A North Hollywood insurance broker was arrested last week after the Van Nuys Superior Court ordered his probation revoked for allegedly continuing to misappropriate insurance premiums. Shahin Sean Pelaseyed, 46, was arrested at his North Hollywood apartment by the North Hollywood Police Department.
He was booked into the Los Angeles County Jail and was charged with five felony counts of grand theft of insurance premium. His bail has been set at $100,000. If convicted, Pelaseyed could face up to 44 months in jail and be ordered to pay restitution in the amount of approximately $50,000.
Pelaseyed operated Sean Pelaseyed Insurance Services, providing commercial insurance policies to trucking companies in California. According to investigators, he collected at least $28,000 in insurance premiums from trucking companies he sold policies to. However, Pelaseyed sent only partial payments to insurance companies, and in some cases no payments.
A California Department of Insurance investigation revealed that Pelaseyed pleaded no contest in 1997 to one misdemeanor count of diversion of funds. He was convicted and sentenced to 36 months of formal probation. An administrative action against Pelaseyed’s insurance license is pending.
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