A Miami man has been arrested for alleged unlicensed insurance activity that resulted in the theft of at least $48,507 in escrow payments from 10 South Florida homeowners. The Florida Department of Financial Services’ (DFS) Division of Investigative and Forensic Services says George Garcia, 69, was arrested following his alleged unlicensed insurance activity.
In response to alleged criminal activity in 2014, Florida’s Office of Insurance Regulation issued a cease and desist order to Garcia, his ex-wife Dayami Quetgles, and their companies: Scottsdale Property and Casualty Insurance, Inc., C.I.S., Colony Insurance, and Payless LLC.
DFS’ Division of Insurance Agent and Agency Services discovered Garcia was continuing to conduct insurance-related business in Florida without the required licenses, according to DIFS. Garcia was found to have submitted numerous fake insurance certificate forms to financial institutions across South Florida in an alleged effort to obtain homeowners’ insurance escrow funds.
Garcia allegedly instructed the banks to make the escrow checks payable to his illegitimate businesses that were later discovered to be connected to a post office box owned and controlled by Garcia. Records show the stolen checks were then collected and deposited into Garcia’s bank account.
Garcia was arrested and booked into the Turner Guilford Knight Correctional Facility; his bond was set at $360,000. He has been charged with 72 counts of fraudulent activity, which include 12 counts each of unlicensed insurance activity, unlicensed insurance activity as an affiliated party, engaging in activity without certification, organized scheme to defraud, grand theft, and uttering a forged instrument.
This case will be prosecuted by the Miami Dade State Attorney’s Office and if convicted of all charges, Garcia could face a prison term of more than 100 years.
Investigators believe there may be additional victims of Garcia’s fraudulent conduct. If you, or anyone you know, believe you have fallen victim to the deceitful practices of George Garcia or his companies, please call the Fraud Tip Hotline immediately: 1-800-378-0445. Callers can choose to remain anonymous and any information that leads to a conviction may be eligible for a cash reward.
Source: Florida Department of Financial Services
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