Victims scammed by former insurance broker receive restitution
News: 2015 Press Release
LOS ANGELES, Calif. - Christopher Emery, 33, of Downey, formerly a licensed insurance broker doing business as CPE Insurance Services, was charged on May 29 with seven felony counts of grand theft. Emery collected insurance premium payments from customers and failed to forward their money to insurers. Emery pleaded no contest to all charges and by order of the court, returned $15,307 in restitution to former clients. He was also sentenced to 10 days in county jail, 90 days of community labor and five years of formal probation.
"Emery violated his fiduciary responsibility as a trusted insurance broker and left consumers exposed to significant financial risk," said Insurance Commissioner Dave Jones. "Insurance agents and brokers must be held to the highest standard of honesty and integrity. Emery's greed led him to break that standard."
Investigators from the California Department of Insurance discovered that between March 2012 and November 2013, Emery collected over $15,000 in premiums for general liability insurance policies from several clients and used the money for personal expenses, rather than sending payments to insurers.
This case was investigated by the department's Investigation Division in Los Angeles and was prosecuted by the Los Angeles County District Attorney's Office.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 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 $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.4357. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.