Expert coverage broker will get 3 yrs in jail

Specialist insurance broker gets three years in prison

An ex-horse insurance policies coverage broker has taken his previous lap just after staying served a three-yr jail sentence for thieving in extra of a million kilos from just about every insurers and buyers.

Middletown, RI indigenous Randall Levesque, 57, attained his sentence formerly this seven times instantly just after pleading responsible late previous yr to a demand from customers of wire fraud. Courtroom docket documents display that he was also procured to shell out out $one.three million in restitution.

Examine a great deal additional: Skilled insurance policies strategy agent billed additional than fraud

In accordance to information and facts from the Rhode Island’s US Attorney’s Position of do the job, Levesque – who owns Equine Insurance policy insurance policies Corporations and Randall Levesque Company – overcharged his clients’ credit history rating playing cards. In some cases, Levesque even billed his customers two times as a wonderful offer for rates owing to his insurance policies insurance policies corporations, for strategies customers did not ask for or concur to finance.

Levesque also gathered rates on insurance policies coverage pointers issued by at minimal two insurance policies strategy companies. Even so, just after getting the rates from buyers, he did not forward the payments to the insurers, courtroom docket information said.

Courtroom paperwork also described that Levesque financed prices and obtained funds on behalf of customers – with out the require of their consent or knowledge. He also submitted funding agreements to finance companies for fabricated prospective customers.

“Over a time period of 14 months, Levesque managed to steal significantly additional than $one,200,000 from insurance policies insurance policies companies, funding corporations, and credit history heritage card companies,” a 2015 governing administration submitting described. “He did so deliberately and methodically, building improper paperwork, misusing identities, and devising fictitious insureds. He abused the placement of have religion in in which he was put and misused his license.”

The Boston Globe explained that Levesque experienced an once-a-year wage of about $500,000.

Prosecutors talked about that even just just after he was caught, his companies ended up staying dissolved, and his license was surrendered, Levesque tried to market insurance policies protection with out a license as the felony investigation into his fraud ensued.

Details show that Levesque will proceed staying expense-totally free until eventually sooner or later he has to change himself in on April 30.


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