- 4,913
wasnt even arraigned until 2018, so it took 4-7 years to have it get caught. Former Orange County insurance agent arraigned on 40 felony counts of grand theft (ca.gov)
Independently owned State Farm agency sentenced for embezzling nearly $200K
- Thread starter marindependent
- Start date
-
- Tags
- embezzlement state farm
wasnt even arraigned until 2018, so it took 4-7 years to have it get caught. Former Orange County insurance agent arraigned on 40 felony counts of grand theft (ca.gov)
Enron got away with far worse, in plain site of regulators and Wall St.
Ok.. took three years to get to trial. About normal. Pitiful but normal.
- 5,463
How much time did she get?
- 17,048
Are there really independently owned State Farm agencies? I thought they were all corporate owned by State Farm.
- 4,913
Books have been owned by state farm, but almost all agency locations are owned & operated by the agent & the agency owner employs the staff & producers
- Thread starter
- #17
- 2,357
I wondered about this myself. I still cant figure out how management did not figure this out.
Seems like State Farm management needs to get pitched overboard.
- 5,463
To pull something like this off, she must have had to use incredible attention to detail, risk tolerance, creativity and a fair level of financial sophistication.
Just imagine if she had put those assets to work with something legitimate, she probably would have made almost as much money, and also not gone to prison.
SMH
Just imagine if she had put those assets to work with something legitimate, she probably would have made almost as much money, and also not gone to prison.
SMH
- 4,913
While I don't disagree that state farm management should go, would any of the carriers you write business know if you or a staff member was pocketing cash & checks. Especially if it is high risk auto or contractors just wanting a temporary cert to satisfy a temporary worksite requirement.
- 4,913
Every case I have seen like this in my career involved meticulous notes. In many cases when checks or cash had a few days of float or mail delays, the staff would take from one, then collect new money to go on the one they took from 3 days prior. Almost all had gambling or drug or credit or all of the above problems before house of cards came crashing down.
Much harder to pull off today with carriers collecting direct from insured & less cash payments. But I bet it still happens in the inner city high risk substandard auto & in the fly by night 1 man contractors needing dummy liability or WC certs
Similar threads
