Salesman Loses License for Fraud

[Guest]

http://www.startribune.com/local/blogs/101799393.html

An Eden Prairie insurance producer lost his license and agreed to a fine after he bilked his employer out of $8,370 in commissions on fraudulent life insurance applications, according to a Department of Commerce order signed this month.

Primerica Life Insurance Co. fired Wesley Allen King in February after an internal review found that all 39 of the applications he submitted in the second half of 2009 contained fraudulent signatures, phone numbers and other information, the order stated.
King admitted that he wrote the false policies and said he was caught up in a competition with other salespeople.
King was ordered to pay a penalty of $35,000, but most of that is stayed as long as he pays $5,000 by June 2011.
(You have to read the full consent order - unbelievable - http://www.commerce.state.mn.us/consent/534.PDF)

 

[Expat]

http://www.startribune.com/local/blogs/101799393.html

An Eden Prairie insurance producer lost his license and agreed to a fine after he bilked his employer out of $8,370 in commissions on fraudulent life insurance applications, according to a Department of Commerce order signed this month.

Primerica Life Insurance Co. fired Wesley Allen King in February after an internal review found that all 39 of the applications he submitted in the second half of 2009 contained fraudulent signatures, phone numbers and other information, the order stated.
King admitted that he wrote the false policies and said he was caught up in a competition with other salespeople.
King was ordered to pay a penalty of $35,000, but most of that is stayed as long as he pays $5,000 by June 2011.
(You have to read the full consent order - unbelievable - http://www.commerce.state.mn.us/consent/534.PDF)http://www.commerce.state.mn.us/consent/534.PDF)

I know of two people here in Dallas that lost their license for the same offence.
However the TDI states that they "Misappropriated monies belonging to an insurer or the insured"

 

[Insuranceman]

I hope Westly won his competition. ***.......

 

[AtlantaLife&Health]

He wanted to stand up in front of the crowded room and see everyone cheer for him while he held the Primerica Kool-Aid pitcher.

 

[VacantHomeIns]

This type of thing happens all the time. I had a pushy ADT security salesman at my door that I sent away. Two weeks later the entire install team was here and I owed big money. He had faked my signature in order to collect commission and skip town

 

[Crabcake Johnny]

This beats it:

Agent paid $67,000 for allegedly bogus health insurance applications | Insurance & Financial Advisor I IFAwebnews.com

An insurance agent from Goldsboro, N.C., is accused of filing false applications for health insurance for 269 employees and nine companies that did not exist, resulting in commission payments totaling $67,451.76.

Edward Charles Harris, 32, was charged with five counts of obtaining property by false pretense, according to the North Carolina Department of Insurance.