Search
 

Man Charged With Selling Bogus Policies

A man falsely claiming to be a licensed insurance agent sold bogus life insurance policies to two senior citizens in Hillsborough County.

By staff Writer | Updated on February 04, 2010

Richard M. Incandela has been arrested for selling nearly $500,000 worth of bogus insurance policies to two Hillsborough County senior citizens. The 57-year-old, falsely claiming to be a licensed insurance agent, met the victims through a local church. Incandela led the victims to believe that he had obtained life insurance policies through legitimate insurance companies in their names and that the policies would be sold to a third party for a profit (a STOLI transaction). From December 2007 through September 2009, he collected premiums totaling $489,426. He was arrested during an undercover operation led by the Florida Division of Insurance Fraud. Charges include Scheme to Defraud, a first-degree felony, and Unlicensed Selling of Insurance, a third-degree felony. If convicted, he faces up to 35 years in prison.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2025 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.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2025 ALM Global, LLC. All Rights Reserved.