Warrant Issued For Texas Agent
NU online News Service, June 10, 12:32 p.m. EST?Texas authorities have issued a warrant for the arrest of insurance agent John William Tesseyman III for selling insurance policies without a license to cover fireworks firms and gasoline outlets, according to the Texas Department of Insurance.
The department said it issued an emergency cease-and-desist order to prevent Tesher Corp., in Tyler, and its president, Mr. Tesseyman, from selling bogus insurance policies to individuals and organizations across the United States that conduct indoor and outdoor public fireworks displays and operate retail fireworks outlets.
The worthless policies also covered petroleum companies in dozens of states, the department said.
Mr. Tesseyman also sold the policies through Southwest Pyro Consortium and Southwest Property and Casualty in Tyler, the department said. In the past 12 months Mr. Tesseyman has moved his insurance business through four different carriers, all of which have cancelled any working arrangements with him and his corporation, the department said.
Mr. Tesseyman is "out of the country," the department said, and faces an arrest warrant issued by State District Judge Julie Kocurek on charges of misapplication of fiduciary property over $200,000, theft over $200,000 and securing execution of a document by deception over $200,000 when he returns. All are first-degree as well as third-degree felony charges of unauthorized insurance, the department said.
"We will continue to aggressively move to monitor all unauthorized activity and will move quickly to shut it down," said Texas insurance Commissioner Joe Montemayor.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
