An insurance broker from Rockland County, New York has been arrested on charges he stole $6,500 that two businesses gave him to pay for workers’ compensation and business liability insurance premiums, according to the New York State Insurance Department reported.
Fifty-year-old Fred P. Ramos, of , Tappan, was charged with grand larceny, petit larceny and offering a false instrument for filing. He was arrested by the Rockland County District Attorney’s office following an investigation by the Insurance Department’s Frauds Bureau and the Workers’ Compensation Inspector General’s Office.
Ramos is accused of keeping $6,000 he received for liability insurance premiums from one business and another $500 he received for workers’ compensation premiums from a second business.
Investigators also charged that he filed documents falsely stating that the second business was insured for workers’ compensation.
If he is convicted, Ramos could be sentenced to up to seven years in prison, and the loss of his insurance broker’s license.
Was this article valuable?
Here are more articles you may enjoy.
Florida’s Commercial Clearinghouse Bill Stirring Up Concerns for Brokers, Regulators 
Chubb Posts Record Q4 and Full Year P/C Underwriting Income, Combined Ratio 
Q4 Global Commercial Insurance Rates Drop 4%, in 6th Quarterly Decline: Marsh 
Married Insurance Brokers Indicted for Allegedly Running $750K Fraud Scheme 
