Former California licensed insurance agent, Alan Amir Yousefi, 31, was charged with 10 felony counts including grand theft, insurance fraud and forgery, for allegedly stealing more than $105,000 in insurance premiums from several business owners.
Yousefi reportedly used a variety of schemes targeting contractors and small businesses to steal workers’ compensation premiums leaving his victims without insurance.
Yousefi surrendered at the courthouse and was released after posting $100,000 bail and was scheduled to be arraigned today. The Orange County District Attorney’s Office is prosecuting the case.
“This agent allegedly issued fake insurance papers while pocketing the proceeds, putting businesses and contractors at risk,” Insurance Commissioner Ricardo Lara said in a statement.
The investigation reportedly revealed Yousefi, doing business as Vanak Insurance Services, failed to place insurance for clients and instead pocketed workers’ comp premiums and used the cash for gambling, sports equipment and designer clothes. Contractors and small businesses, including a minority-owned business, were issued bogus certificates to cover up the fraud.
A construction company that purchased a workers’ comp policy from Yousefi discovered it did not have coverage after an injured employee filed a claim. This business suffered an uncovered loss and is now negotiating a settlement with the injured employee’s attorney.
Other victims faced premium hikes as a result of having gaps in coverage through no fault of their own, while another victim had their contractor’s license suspended by the Contractors State License Board because Yousefi failed to secure the company a workers’ comp policy.
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