Cincinnati Agent’s License Revoked

The insurance license of agent Stephen Donahue of Cincinnati was revoked as was the resident agency license of Donahue Securities Inc. of Cincinnati by Ohio Department of Insurance Director Lee Covington.

Earlier in the year, the Department of Commerce, Division of Securities revoked Donahue’s securities dealer license and his securities salesperson license for allegedly not being of good business repute, involving a number of violations of federal law, including the alleged mishandling of funds and or breach of fiduciary responsibility.

As part of the consent order, Donahue was ordered to immediately cease and desist from participating in the insurance industry.

The fraud and enforcement units of the Department of Insurance have gathered 67 referrals alleging insurance fraud amounting to $3,074,535 since January. Those referrals have resulted in 230 investigations, 99 cases referred for administrative action, and 85 criminal referrals to country prosecutors.