Former Clovis insurance agent arraigned for allegedly stealing $380,000 in premiums from business owners
News: 2024 Press Release
FRESNO, Calif. — Formerly licensed insurance agent Marcia Wable, 66, of Clovis, was arraigned today on eight felony counts of embezzlement, forgery, and false impersonation after a California Department of Insurance investigation found she allegedly stole over $380,000 from fraudulent insurance policies and used the money for her personal use.
The Department’s investigation began after an insurance company claimed Wable issued a fraudulent commercial excess auto liability policy. The investigation revealed the policy was fraudulent and Wable was pocketing fraudulent premiums from various businesses, misappropriating the money for her personal use, and falsely impersonating businesses in a private or official capacity.
The investigation also found Wable issued a total of 15 fraudulent insurance policies and five policy endorsements resulting in premium theft of over $216,000.Wable also fraudulently submitted finance agreements for three dissolved businesses to illegally collect over $165,000. Wable deposited those funds into accounts she controlled and used them for her own business and other personal expenses.
The Department revoked Wable’s license on October 4, 2023. This case is being prosecuted by the Fresno County District Attorney’s Office.
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Led by Insurance Commissioner Ricardo Lara, the California Department of Insurance is the consumer protection agency for the nation's largest insurance marketplace and safeguards all of the state’s consumers by fairly regulating the insurance industry. Under the Commissioner’s direction, the Department uses its authority to protect Californians from insurance rates that are excessive, inadequate, or unfairly discriminatory, oversee insurer solvency to pay claims, set standards for agents and broker licensing, perform market conduct reviews of insurance companies, resolve consumer complaints, and investigate and prosecute insurance fraud. Consumers are urged to call 1-800-927-4357 with any questions or contact us at www.insurance.ca.gov via webform or online chat. Non-media inquiries should be directed to the Consumer Hotline at 800-927-4357. Teletypewriter (TTY), please dial 800-482-4833.
