The president and CEO of an insurance agency pleaded guilty to five felony counts of Larceny by Embezzlement. He collected premium payments from commercial customers but failed to send those payments to the insurance companies. He used the for his personal and business expenses. Because the premiums weren’t paid appropriately, customers were left uninsured when their policies canceled due to nonpayment. The man has been sentenced to two years of probation, 100 hours of community service, and pay restitution to the victims. The amount of restitution has not yet been determined. The man’s company has also been ordered to surrender its business entity license.
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