Former L.A. Broker Convicted of Stealing Insurance Premiums
Martin McCloskey, 69, of PiƱon Hills, Calif., pleaded guilty this week to three felony counts of grand theft and theft of fiduciary funds after defrauding his customers by failing to remit to insurance companies more than $58,000 in premiums he collected for commercial property and liability coverage.
After receiving a complaint from an insurance company, investigators with the California Department of Insurance’s discovered Martin McCloskey, a licensed broker, failed to remit the entire insurance premium he received from policyholders to the insurance company from Oct. 1, 2009 through Dec. 31, 2011.
The insurance company extended coverage to the policyholders affected by the shortage in premiums. The department revoked McCloskey’s license on Dec. 6, 2012.
Sentencing is scheduled for Dec. 1.
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