Ohio Department of Insurance Director Mary Jo Hudson announced that Michael Cox of Powell, Ohio, has been indicted by a Franklin County grand jury on ten counts of felony theft.
A department investigation revealed Cox had continued to accept insurance premiums from past clients and used these funds for his personal use, despite being an unlicensed agent. Many of these individuals believed they had insurance coverage since they were making payments to Cox, but, there was no actual policy in place.
The department referred the case to Franklin County Prosecuting Attorney Ron O’Brien, who filed criminal charges against Cox.
On July 23, 2009, the department revoked Cox’s insurance license for the misappropriation of insurance premiums.
Ohioans who believe they may have been a victim of Cox’s activities are encouraged to call the Department’s Fraud & Enforcement Division at 1-800-686-1527.
Source: Ohio Department of Insurance
Was this article valuable?
Here are more articles you may enjoy.
Zurich Insurance’s Beazley Bid Sets the Stage for More Insurance Deals 
AIG Underwriting Income Up 48% in Q4 on North America Commercial 
Pipeline Explodes at Delfin LNG Planned Project in Louisiana 
Q4 Global Commercial Insurance Rates Drop 4%, in 6th Quarterly Decline: Marsh 
