Home Uncategorized Former California Insurance coverage Agent Sentenced for Stealing $220K from Shoppers Together with Late Artwork Vendor

Former California Insurance coverage Agent Sentenced for Stealing $220K from Shoppers Together with Late Artwork Vendor

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Former California Insurance Agent Sentenced for Stealing $220K from Clients Including Late Art Dealer



John Philip Ryan, 64, of Yucca Valley, California, was sentenced and ordered to pay greater than $220,000 in restitution to victims after pleading responsible to 2 felony counts of economic elder abuse and grand theft of insurance coverage premiums.

An investigation by the California Division of Insurance coverage discovered Ryan stole cash from his shoppers, a few of which was meant to pay insurance coverage premiums. The CDI revoked Ryan’s insurance coverage licenses and licensing rights and banned him from taking part within the enterprise of insurance coverage.

The CDI opened an investigation in 2017 after a grievance from Ryan’s former worker that Ryan retained premiums as an alternative of remitting them to insurers.

One of many victims, Gregg Juarez, was a former artwork vendor and philanthropist who died in Could at age of 94. Ryan reportedly used his place as Juarez’s insurance coverage agent to achieve belief and entry monetary paperwork and knowledge to commit the crimes. Search warrants executed on Ryan’s financial institution accounts revealed that Ryan misappropriated $87,000 over a minimum of two years from Juarez.

Throughout the investigation the CDI discovered Ryan transacted insurance coverage beneath the names of “Calinsured,” “Larger Palm Springs Insurance coverage” and “PS Unbiased Insurance coverage”. The investigation revealed 11 extra victims, together with one other shopper in his 80s. The mixed complete stolen by Ryan from all his victims was over $220,000.

The CDI is asking any of Ryan’s present and former shoppers to evaluate their insurance policies and call the listed insurer to confirm its validity and ensure receipt of any funds they might have given to Ryan.

Matters
California
Businesses
Fraud

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