Former agent pleads guilty to pilfering premiums from elderly clients
The insurance agent stole more than $220,000 from clients, including prominent art dealer Gregg Juarez.
A former California insurance agent pled guilty to two felony counts of financial elder abuse and grand theft in insurance premiums, according to the California Department of Insurance.
John Philip Ryan, the former agent, stole more than $220,000 from at least 12 victims, according to the insurance department. He has been ordered to repay that sum in restitution. Ryan’s insurance licenses and licensing rights have also been revoked and he has been banned from participating in the insurance business.
“This insurance agent gained his clients’ trust in order to access their money and then stole from them with no regard for their livelihoods,” California Insurance Commissioner Ricardo Lara said in a release “My department will not tolerate agents who harm consumers, especially the elderly. This case is a great example of the actions my department and our law enforcement partners will take to stop bad actors and protect California consumers.”
The investigation into Ryan began in 2017 after the insurance department received a tip from one of Ryan’s former employees, who said the agent was keeping premiums instead of passing the payments onto carriers.
Among the victims was Gregg Juarez, an art dealer and philanthropist. Before Juarez passed away in 2018, Ryan used his position as the art dealer’s long-time insurance agent to gain his trust and access financial records and other information that was used in the crimes, according to the insurance department. Over a two-year period, Ryan misappropriated $87,000 from Juarez.
“A measure of justice has been delivered for 12 of Defendant Ryan’s clients in San Diego and Riverside Counties, including vulnerable elders, who fell prey to Ryan’s schemes,” San Diego County District Attorney Summer Stephan said in a release. “As an agent, Ryan took criminal advantage of their confidences for personal financial gain. Thanks to a thorough investigation by the California Department of Insurance working with an expert prosecution team from my office, Ryan stands convicted and sentenced and can no longer participate in insurance transactions which will prevent him from victimizing seniors in this way in the future.”
Ryan did business under the names Calinsured, Greater Palm Springs Insurance and PS Independent Insurance, according to the insurance department, which is urging Ryan’s former clients to check their policies and contact the carrier listed to ensure the premiums were delivered.
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