Alfred Galoustian, 34, pled no contest to two felony counts of grand theft. Galoustian was sentenced to 30 days in County Jail, 240 hours of community service, three years of summary probation, and ordered to pay $17,377.50 in restitution. The Los Angeles County District Attorney’s Office prosecuted the case.
The conviction is a result of an investigation conducted by the California Department of Insurance Criminal Investigations Branch’s Investigation Bureau. The investigation revealed that Galoustian worked as an insurance broker/agent in Tarzana, collected insurance premiums and failed to remit said premiums to insurance companies. Galoustian’s actions exposed six consumers to the risk of loss. Galoustian 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 failed to make the payments on the premium financing loan and the insurance policy was cancelled for non-payment.
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