Calif. insurance agency owner found guilty on theft, forgery charges

Advertisement

The former owner of a Chatsworth, Calif., insurance agency will spend three years on probation and 300 hours cleaning up roadways in the state after his conviction on 17 charges, including theft and forgery.

Craig Randall, 52, of Porter Ranch, Calif., was found guilty of 13 counts of theft of funds by a broker or agent, two counts of forgery, one count of attempted theft of funds and one count of attempting to dissuade a witness from reporting a crime, according to the California Department of Insurance.

In addition to probation and community service with the California Department of Transportation, Randall must pay $60,140 in restitution, including $11,932 to one of his victims.

Randall, the owner of EZ Discount Insurance Services, collected $48,207 from 24 clients for commercial general liability insurance premiums, the department said, but failed to remit those funds to insurers. After cashing the checks – sometimes at a check-cashing store – Randall used the money for gas, food and to pay his employees.

Randall submitted two fake certificates of insurance on two occasions to make it appear that his clients had insurance. At least one of his victims suffered an uninsured loss, according to department investigators.

On at least one other occasion, investigators found that Randall attempted to convince a victim not to report the crime in return for reducing a policy premium by 50%.

Randall was ordered not to be in possession of insurance files other than his own, not to be employed by and insurance company in any capacity or consult or advise on matters of insurance to anyone following his Jan. 20 arrest.

His insurance license has remained suspended following that arrest.

Leave a Comment

Follow IFAwebnews: 
Important links and updates throughout the day via Twitter Join IFAwebnews’ Insurance News group on LinkedIn.com Become a fan of IFAwebnewss Insurance News on Facebook Feeds for all the ourinsurance news or just the lines you need. Insurance news delivered to your inbox
© 2012 New Horizon Group, Inc. :: Insurance & Financial Advisor | IFAwebnews.com :: NS 27 queries. 0.530 seconds.
Entries RSS Comments RSS