Insurance Fraud NEWS
Massachusetts agent allegedly steals $270K of premiums
March 29, 2019, Boston, MA
The president and CEO of a Taunton, Mass., insurance agency has been indicted in connection with an alleged embezzlement scheme that left client companies uninsured.
David Pietro of Sandwich, Mass., and his company, DGP Miles Insurance Agency of Taunton, were indicted yesterday by a statewide grand jury on charges of larceny over $250 – five counts each. He will be arraigned in Bristol Superior Court at a later date.
The Massachusetts Attorney General’s Office alleges Pietro, a licensed insurance broker, collected insurance premiums from clients through DGP and failed to remit the premiums payments to their insurance carriers.
As a result of the alleged embezzlement of these premiums, his client companies had various commercial insurance policies cancelled and were left uninsured.
In total, the AG’s Office alleges Pietro stole $270,423.65 in premiums from client companies.
Source: Insurance Journal