Following a joint investigation by the CDI Investigation Bureau and the National Insurance Crime Bureau, Jesse Wong, a Southern California insurance agent, was sentenced on Aug. 17 after pleading no contest to five felony counts of grand theft. The Los Angeles County District Attorney’s Office in Van Nuys prosecuted the case.
The 35-year-old man was sentenced to three years formal probation and ordered to pay $150,000 in restitution to more than 400 victims. According to investigators, Wong operated insurance agencies throughout Southern California, and from 1995 through 1998, he sold policies through unlicensed employees. Many of his clients were new homeowners needing proof of insurance to close escrow.
Wong would receive premiums from escrow companies, but rather than secure coverage for many of his clients, he would provide them with phony documents listing non-existent coverage. The investigation also revealed that there were times when Wong charged illegal broker fees.
After numerous attempts to get their insurance policies or a refund, some of the homeowners contacted the CDI for assistance, and once the CDI was involved, Wong made refunds to many of the homeowners. Unfortunately, some of those homeowners had incurred property damage before realizing that they weren’t covered.
Topics Agencies Homeowners
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