How Insurance Agent Stole $270,000 from Client
The news of how insurance agent stole $270,000 from his client with dementia has been going around the internet for some weeks now. The insurance agent was reportedly granted the Durable Power of Attorney in 2012. Thereafter, he started writing checks for himself from his client’s account and converted the cash for his personal use even though the insurance agent was not a beneficiary to her accounts. It is very unfortunate that a person who was supposed to protect the interest of a client was the one taken undue advantage of the situation of the client to steal from her.
I like the way the Attorney General Bill Schuette who filed criminal charges against the insurance broker that was involved in the case put it in a press release. He said, “When a person is appointed to act as Power of Attorney, they make a promise to protect the assets of the person they are assisting, not steal their life’s savings,”
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Well, the insurance agent has been charged with the following:
- Conducting a continuing criminal enterprise, felony 20 years and/or $100,000
- Embezzlement from a vulnerable adult over $100,000, felony 20 years and/or $50,000 or 3 times the amount embezzled, whichever is greater
- Two counts of embezzlement by agent over $1,000, felony 5 years and/or $10,000 or 3 times the amount embezzled whichever is greater
- Three counts of using a computer to commit a crime, felony 7 years and/or $5,000
If you are a regular visitor to this our website, you must have observed that it is not a news website. So how come we are publishing a story of how an insurance agent stole $270,000? We have not shifted our focus. Nevertheless, it is good that we bring in whatever we believe can benefit visitors to this website. Therefore, the reason for this article is to sensitize people about the need to engage an insurance agent they really know and can trust. If you have any cause to pay your insurance premium through your insurance agent, ensure that you ask for receipt. Not just a receipt from the insurance agent, you should ensure that you get the receipt that emanates from your insurer. And the receipt should bear your name and not that of the insurance agent.
Read Also: How to find a good insurance broker or agent
If an insurance agent could steal $270,000 from his client, do you still go ahead and engage an insurance agent? This will be a personal decision. It can actually be beneficial to hire an insurance agent. He will understand your insurance needs and the kind of coverage that will be adequate for you. He can also ensure that you get the best deal. Tomorrow, I will be sharing with you one hidden benefit of engaging an insurance agent. I call it a hidden benefit because people don’t talk about it. If you have an insurance agent already, you can start tapping into this benefit that will be unfolded to you. Don’t miss it.