California Insurance agent Francis Okyere, 67, self-surrendered this week at the Los Angeles County Superior Court after being charged with four felony counts of grand theft.
The charges arose from an investigation by the California Department of Insurance’s investigation division out of the Valencia regional office into multiple complaints filed by clients of Okyere alleging their insurance policies were cancelled despite paying Okyere for the coverage.
The investigation shows that between July 2015 and September 2016 Okyere misappropriated at least $65,456 in insurance premiums payments from four small business owners and used those funds for his personal benefit.
Okyere’s actions left the business owners uninsured against potential liability and workers compensation claims, according to the CDI.
Okyere is set to be arraigned on July 11, and bail was set at $30,000. The case is being prosecuted by the Los Angeles County District Attorney’s Office.
The CDI legal division filed an acusation against Okyere on last year, and is seeking to revoke his insurance license.
Topics California Agencies Commercial Lines Business Insurance
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