The chief executive officer and president of a Taunton, Massachusetts insurance agency has pleaded guilty in connection with an embezzlement scheme that left client companies uninsured, according to state officials.
Attorney General Maura Healey announced that David G. Pietro and his company, DGP-Miles Insurance Agency, of Taunton, have pleaded guilty to five felony counts of larceny by embezzlement. Following the guilty pleas, Judge Daniel O’Shea sentenced Pietro to two years of probation and ordered him to perform 100 hours of community service and pay restitution to the victims in an amount to be determined.
The judge also ordered DGP to surrender its business entity insurance license, effectively barring the company from continuing to operate as an insurance agency or producer in the industry, according to Healey.
According to court documents, Pietro, a licensed insurance producer and broker, collected insurance premiums from commercial clients through DGP, but repeatedly failed to remit those premium payments to his clients’ insurance carriers. Instead, he used his clients’ money to pay for his own business and personal expenses.
In total, Pietro and DGP stole $295,278 in insurance premiums from five commercial clients, mostly small businesses, officials said.
Pietro was indicted by a grand jury in June, 2021.
Topics Agencies Massachusetts
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