Insurance Fraud NEWS
Idaho agent steals client premiums, policy canceled for nonpay
November 14, 2017, Twin Falls, ID
A Twin Falls insurance agent receives suspended prison sentence after pleading guilty to misappropriation or diversion of fiduciary funds.
On Monday, a judge sentenced Mark J. Lee, 49, was sentenced to a minimum of one year and up to four years in prison. The judge suspended the sentenced for 30 days in jail, ordered Lee to pay $1,801 in restitution and gave him five years of felony probation.
According to a news release from the Idaho Attorney General Lawrence Wasden, Lee used customer’s insurance premiums for person purchases.
The former insurance agent pleaded guilty in September. The plea came after an Idaho Department of Insurance investigation revealed Lee had diverted clients’ insurance premiums for his own use while he was an Idaho licensed insurance producer in Twin Falls. The fraud was discovered by a client when the client was informed by the insurance company that the policy had lapsed for nonpayment. The client then filed a complaint with the Department of Insurance. Lee’s license to sell insurance was subsequently revoked.
Source: KMVT 11