Tarzana, Calif. Agent Arrested

July 23, 2002

Investigators with the California Department of Insurance (CDI) Criminal Investigations Branch arrested Alfred Galoustian, 34, on a felony warrant charging six counts of grand theft. Galoustian’s bail was set at $120,000. If convicted, Galoustian faces imprisonment in county jail not exceeding one year or in state prison.

The investigation, conducted by the CDI Investigations Bureau, revealed that Galoustian allegedly worked as an insurance broker/agent in Tarzana, collected more than $7,500 in insurance premiums and failed to remit premium to insurance companies. The alleged actions exposed five consumers to the risk of loss.

Galoustian allegedly collected the full premium from one client, then financed the premium without the victim’s permission and placed his own post office box address on the application preventing the victim from knowing the policy had been financed. Galoustian then reportedly failed to make the payments on the premium financing loan and the insurance policy was cancelled for non-payment.

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