California Insurance Broker Arraigned for Allegedly Stealing from Small Businesses

Brian Keith Arteaga, 39, of Placentia, California, was arraigned this week on multiple felony counts of grand theft by embezzlement, theft of fiduciary funds, insurance fraud, and money laundering after a California Department of Insurance investigation found he allegedly stole more than $80,000 from small businesses and failed to give payments to their respective insurers.

Arteaga’s alleged actions, which left the victims uninsured, resulted in an uncovered loss of more than $500,000 for three victims, one of whose property burned down, according to the CDI.

It is believed there may be additional victims and the investigation is ongoing.

Arteaga worked as an insurance broker from 2004 to 2023 under business names Elias Insurance Services, EIS Insurance Services and Elias Insurance Agency, LLC. Between 2017 and 2021, Arteaga collected money intended for their insurance policies and kept it for his personal use, according to the CDI.

His actions reportedly resulted in his victims’ policies being cancelled, which they discovered after attempting to file loss claims.

The CDI issued Arteaga an Order of Immediate Suspension and Prohibition from the insurance industry and his insurance license has been deactivated.

Arteaga was arrested by the Placentia Police Department and booked into the Orange County Jail. Bail was set at $20,000. Arteaga is scheduled to return to court on July 21.

The case is being prosecuted by the Major Fraud Unit of the Orange County District Attorney’s Office.

Topics California Fraud Agencies Commercial Lines Business Insurance