Los Angeles Agent Sentenced for Embezzling Over $100K

Suren Hovhannisyan, a former insurance agent, has been sentenced in Los Angeles County Superior Court to 180 days in jail and five years of formal probation after pleading no contest to three felony counts of Grand Theft.

Hovhannisyan was also ordered to pay $48,190 in restitution to his victims. The California Department of Insurance has revoked Hovhannisyan’s insurance license.

Hovhannisyan, 27, a licensed insurance agent of North Hollywood, was arrested last year at his residence on multiple felony counts of burglary, grand theft, and unauthorized use of access cards after allegedly scheming to embezzle over $100,000 from his employer and clients for his personal use.

Hovhannisyan reportedly offered fictitious discounts to policyholders if they paid him in cash for their automobile insurance. Rather than remitting the cash payments to his employer, Hovhannisyan allegedly deposited the money into his mother’s bank account for his personal use.

Hovhannisyan was also accused of using the credit cards of some clients without their permission to pay the automobile insurance premiums of those who paid him with cash. One victim’s credit card was charged 145 times to pay a total of $45,545 in insurance premiums for 80 other policyholders.

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