Ai Ling Lee, 61, an unlicensed insurance agent living Hacienda Heights, was convicted of nine felony counts of grand theft after reportedly stealing nearly half-a-million dollars of her small business clients’ insurance premium payments.
An investigation by the California Department of Insurance reportedly found Lee, as owner-operator of Jubilee Insurance Services, acted as an insurance agent to steal $450,000 in premium payments even though she was not properly licensed by the CDI. She allegedly accepted premium payments from her clients to place liability, property or workers’ compensation insurance coverage, but either failed to place coverage or allowed the coverage to lapse for nonpayment leaving nine restaurants, construction companies and biochemical companies at risk of uninsured losses.
Lee reportedly altered declaration pages for several clients. The premium payments collected by Lee were either not remitted to insurance carriers or only partially paid. Lee also allegedly forged clients’ signatures on finance agreements in order to finance some of the insurance premiums without her clients’ knowledge or consent.
Lee was convicted and sentenced to serve two years of probation and to pay $414,910 in restitution to her victims.
The case was prosecuted by the White Collar Crime Division of the Los Angeles County District Attorney’s Office. The CDI issued a cease and desist order against Lee on Aug. 7 and revoked her business license on Dec. 1, 2018.
Topics California Agencies Fraud
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