Former Southern California agent sentenced in $100,000 fraud case
News: 2015 Press Release
LOS ANGELES, Calif. - Isidro Santillan, 54, was sentenced to three years in state prison and agreed to pay more than $133,000 in restitution to multiple victims. For more than two years Santillan embezzled over $100,000 from clients, pocketed premium money and created phony documents leaving his clients at great financial risk.
"By failing to forward insurance premiums, Santillan placed his customers in great financial jeopardy," said Insurance Commissioner Dave Jones. "However he could not escape the law. We will continue our fight against insurance fraud and work with our law enforcement partners to bring justice to California consumers."
Santillan was arrested in August 2014 after an investigation by the California Department of Insurance confirmed Santillan's fraud. The department began its investigation after receiving multiple complaints regarding Santillan's business practices involving the sale of various insurance products and bonds.
Operating out of his office in Pacoima, Santillan sold polices to contractors across the state. He exposed his victims to great financial risk when he left them uncovered by not forwarding premiums to brokers, finance companies and insurers. Santillan concealed his theft by providing some of his clients with phony premium finance agreements.
Santillan pleaded no contest to two felony counts of grand theft and multiple acts of embezzlement. In addition to serving jail time and paying restitution, Santillan will have no involvement in insurance business in any capacity for ten years after his release from prison. This case was prosecuted by the Los Angeles County District Attorney's Office-Consumer Protection Unit.
- Santillan was sentenced on December 17, 2014.
- See also Press Release from September 8, 2014.
- Santillan's booking photo available on the CDI Flickr page.
- Aliases: Art Sanchez
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $289 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $394 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP or 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.