Unlicensed Ins. Broker Pleads Guilty to Four Counts
Arturo Lopez, 39, of La Puente, pleaded guilty to four counts of grand theft in Pomona Superior Court.
An investigation conducted by the California Department of Insurance (CDI) Criminal Investigations Branch’s Investigation Bureau found that Lopez allegedly collected insurance premiums from consumers and failed to remit premiums to any identifiable insurance companies. He also reportedly issued bogus insurance identification cards to unsuspecting consumers.
Lopez was released from custody pending formal sentencing, which is set for Nov. 2002. He faces a maximum of five years in state prison.
As part of the plea agreement, Lopez agreed to pay approximately $21,000 in restitution to victims that paid him insurance premiums and for losses suffered by consumers as a result of not being covered. The Los Angeles County District Attorney’s Office is prosecuting the case.
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