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Insurance Commissioner Jones Announces Arrest Of Bakersfield Insurance Agent For Premium Theft, Embezzlement

Dave Althausen
June 7, 2011 2:44 PM

On April 27, 2011, licensed insurance agent Mahmoud Elkadi, 53, of Bakersfield, was arrested and charged with seventeen felony violations of the Penal Code including one count of 470(d) Forgery; one count of 368(d), Theft from the Elderly by non-caretaker; one count of 487(a), Grand Theft; and one count of 506, Embezzlement. Bail is set at $225,000.00. An investigation conducted by the CDI Investigation Division, Valencia Office and the Bakersfield Police Department alleges that between June 2009 and April 2010, Elkadi accepted more than $7,545.98 from over 43 different Farmers Insurance Exchange clients to pay premiums for automobile policies and misappropriated the premiums for his own personal use. The CDI Investigation also alleges that Elkadi forged, falsely made, or altered seventeen personal checks from an elder or dependent adult with the intent to embezzle the premium payments for his own personal use. The Kern County District Attorney's Office is prosecuting the case.



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