Texas State District Judge Pete Lowry has issued a temporary restraining order against Robert Harrison of Richmond and Pete Ballard of San Antonio to keep them from selling reported bogus commercial insurance coverages and freeze their assets.
The Texas Department of Insurance (TDI) alleges the agents sold worthless commercial real estate insurance policies to some 73 people, collecting millions of dollars in premium.
Operating as Harrison Insurance Agency, Harrison and Ballard are alleged to have added commercial properties to an existing policy without the authorization or the knowledge of the insurer. TDI contends the agents continued adding unauthorized properties to a Lloyd’s of London policy after their authority to represent the insurer was revoked.
Lloyd’s obtained a temporary restraining order on May 3 to stop them from further sales or any affiliation with Lloyd’s. Many of the allegedly bogus policies cover apartment complexes in the Houston and San Antonio areas.
Judge Lowry appointed Edward L. Rishebarger, a CPA in San Antonio, to serve as a receiver to oversee any assets obtained from Harrison and Ballard. The order calls for the receiver to take charge of all the property and assets held by Harrison, Ballard, Harrison Insurance Agency, HB Insurance Management Inc. and HB Insurance Services Inc. Assets seized will be used to provide restitution to individuals who have outstanding claims.
Judge Lowry set a June 13 hearing date to consider a temporary injunction against the two agents.
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