Male   Female
  • Insurance agent scammed insurers for $1.4 million
  • October 13, 2014
  • Insurance agent arrest for scammingBy Karla Sullivan

    Eric Lee, 64, of Orange County was arrested Friday by the Department of Insurance and charged with 20 felony counts, including grand theft and allegedly providing false or misleading information to an insurer during a scheme that netted him over $1.4 million in fraudulent commissions.

    “It’s unfortunate that there are dishonest agents that violate their fiduciary responsibilities,” Insurance Commissioner Dave Jones said. “The Department of Insurance regulates more than 360,000 licensed agents and brokers who work hard to be professional and honest in their business practices.”

    The Department of Insurance began its investigation of Lee in January 2011 after an audit revealed many of Lee’s policies failed to have any premium payments after the first policy year. Investigators believe Lee directed policyholders to complete fraudulent applications with false or misleading information and insufficient financial means to pay for the insurance policies being written. As a result, Lee received $1,403,897 in fraudulently obtained commission payments between October 2009 and October 2010.

    Lee is being prosecuted by the Orange County District Attorney’s Office with bail set at $1,403,897 and is required to show that bail funds are not from money obtained through his scheme. Lee is scheduled to appear in court today for his arraignment.

  • Category: Articles Library, Company Profiles, Featured Story, Industry News, Life Insurance, More news

Leave a Reply


About Us  |   Contact Us  |   Press Releases  |   The Best Privacy Policy  |   Life Insurance  |   Careers
For Agents & Brokers  |   Site Map  |  

Copyright ©1984-2018 Life Quotes, Inc., 8205 South Cass Avenue, Suite 102, Darien, Illinois. Life Quotes, Inc. and certain of its personnel are licensed as insurance agents, brokers or producers in all states. CA agent #0A13858, LA agent #200696, MA agent #333509159. dba Life Quotes Insurance Services in CA under agent #0827712, in LA under agent #205078. dba Life Quotes Insurance Services, Inc. in UT under agent #90093. All rights reserved. Telephone (630) 515-0170. Founded 1984.