News: 2009 Press Release

Insurance Commissioner Steve Poizner announced today that former insurance agent Edgar Agaronian, 31, of Burbank, was recently convicted of grand theft. Agaronian will return to court for sentencing on June 30.

"I will not tolerate insurance fraud of any kind in California," said Commissioner Poizner. "Whether you attempt to defraud an insurance company or a consumer, CDI fraud experts will find you, and we will help prosecute you."

According to CDI investigators, in June 2006, former life insurance agent Agaronian received at least $2,729 in advance commissions from the submission of four fraudulent life insurance applications to a life insurance company. Each application contained false information, including forged signatures on bank draft authorization forms for monthly withdrawal of premiums from the applicants' bank accounts, and voided checks. Agaronian had obtained valid information and voided checks that belonged to four individuals for insurance transactions that had occurred four to five years before he submitted the fraudulent applications.

The CDI investigation determined that none of the four policyholders had knowledge of the false applications submitted by Agaronian or the issuance of the resulting policies. When the life insurance company discovered that the information on the voided checks did not match the information on the accompanying applications, they immediately ceased issuing policies for applications submitted by Agaronian. The company filed a complaint with CDI, and the department launched an investigation.

This case is being prosecuted by the Los Angeles County District Attorney's Office.

Commissioner Poizner oversees sixteen CDI Enforcement Branch regional offices throughout the state.  Close to 1900 insurance fraud-related arrests have been made by the Department of Insurance's Enforcement Branch since Commissioner Poizner took office in 2007 - more arrests than have been made during any other two year period, under any previous insurance commissioner.