Formerly licensed insurance agent Marcia Wable, 66, of Clovis, California, was arraigned on eight felony counts of embezzlement, forgery, and false impersonation after a California Department of Insurance investigation reportedly found she allegedly stole more than $380,000 from fraudulent insurance policies and used the money for her personal use.
The CDI’s investigation began after an insurance company claimed Wable issued a fraudulent commercial excess auto liability policy. The investigation reportedly revealed the policy was fraudulent and Wable was pocketing fraudulent premiums from various businesses, misappropriating the money for her personal use, and falsely impersonating businesses in a private or official capacity.
Investigators also found Wable issued 15 fraudulent insurance policies and five policy endorsements resulting in premium theft of more than $216,000, according to the CDI.
Wable also fraudulently submitted finance agreements for three dissolved businesses to illegally collect $165,000. Wable reportedly deposited those funds into accounts she controlled and used them for her own business and other personal expenses, according to the CDI.
The department revoked Wable’s license on Oct. 4, 2023. The case is being prosecuted by the Fresno County District Attorney’s Office.
Topics California Agencies Fraud
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