Former agent arraigned for stealing more than $380K from commercial clients
The former agent’s husband also had his license revoked by the California Department of Insurance.
A former California insurance agent was arraigned on eight felony counts for allegedly stealing more than $380,000 from commercial clients, according to the California Department of Insurance (CDI).
Marcia Wable, who had her insurance license revoked by CDI in October 2023, is facing counts of embezzlement, forgery and false impersonation after an investigation found she issued 15 fraudulent policies and five fake policy endorsements. The fake insurance products resulted in premium theft of more than $216,000, the insurance department reported.
CDI also alleged that Wable used stolen identities to forge seven finance agreements with Cypress Premium Funding. She then used fake insurance binders to show that policies had been sold and illegally received more than $165,000 for her efforts.
According to CDI disciplinary documents, the investigation into Wable started after an employee of the James River Group discovered a fabricated James River Casualty Co. policy had been issued.
Court documents indicate the money from the premium finance fraud was diverted into accounts controlled by Wable and her husband George Wable, who worked at the agency as a secretary and director.
George Wable also had his insurance license revoked by CDI, which noted that he knew or should have known about the misconduct being committed given his position at the the agency.
“If George knew of the misconduct and did nothing to stop it, he violated his fiduciary duties as an insurance producer. If George claims to be unaware of the misconduct, he is likely incompetent and not fit to hold an insurance license,” CDI lawyers wrote in disciplinary documents.
Marcia Wable claimed that she took to fraudulent behavior because George had excessive spending habits but was unable to hold down a job for long. She said her fraudulent activity ended after receiving a Small Business Administration Loan for $312,500 in December 2021. Marcia Wable claims George spent all the money from the SBA loan.
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