Two Santa Clarita insurance brokers licenses have been revoked by the California Department of Insurance after the brokers were found guilty of multiple felony counts of grand theft. The revocation will become effective April 13, 2001.
CDI issued the order revoking the licenses of Jack Hagop Printsian, and his son Ara Kaspar Printsian on March 14, 2001. The brokers were found guilty of swindling their clients of their insurance premiums. The Printsians both pleaded no contest to four felony counts of grand theft in Los Angeles Superior Court and were convicted late last month.
The court found the Printsians guilty of collecting premiums from customers for automobile insurance and failing to remit payments to authorized insurance companies. The Printsians kept those payments for their own personal use and issued fraudulent insurance identification cards to their clients. The CDI’s Criminal Investigation Branch launched an investigation after receiving consumer complaints.
According to CDI Investigators, several Santa Clarita residents paid the Printsians insurance premiums only to realize their insurance coverage was never placed. The Printsians were both sentenced to five years formal probation, 300 hours of community service, ordered to pay $14,826 and neither will be allowed to handle money that is not their own nor will they be allowed to transact insurance business.
Topics Agencies
Was this article valuable?
Here are more articles you may enjoy.
Viewpoint: Generative AI in Insurance Isn’t Working 
Consumers’ Refusal to Keep Paying Higher Prices May Halt Inflation Spike 
Florida Insurer Can’t Object to Appraiser After the Award Is Decided, 11th Circuit Says 
First Street Finds Most Debby-Damaged Homes Outside Flood Zone, Without Coverage 
