Fraud of the Week:  November 28, 2016

Amount: $48,000

An unlicensed person acting as an insurance agent was arrested following activity that resulted in the theft of at least $48,500 in escrow payments from 10 South Florida homeowners. The phony agent conducted insurance-related business in Florida without the proper licensing, including submitting numerous fake insurance certificate forms to financial institutions across South Florida to obtain homeowners’ insurance escrow funds, and instructing banks to make the escrow payments out to his illegitimate businesses. The checks were then deposited into his personal bank account. The phony agent was charged with 72 counts of fraudulent activity, including 12 counts each of unlicensed insurance activity, unlicensed insurance activity as an affiliated party, engaging in activity without certification, organized scheme to defraud, grand theft, and uttering a forged instrument. His bond is set at $360,000. Investigators believe there are more victims of this fraudulent conduct.