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CA Department of Insurance

Insurance Commissioner Jones Announces Convictions of Redondo Beach Former Insurance Broker-Agent For Insurance Fraud And /Or Grand Theft

Dave Althausen
June 7, 2011 2:55 PM

On May 26, 2011 Margaret Murray Manning, 64, of Redondo Beach was found guilty of six felony counts of insurance fraud in violation of section 550(b)(3) of the Insurance Code. According to CDI investigators, Manning was a co-owner of Manning Riddell Insurance Services, Inc. located in Torrance. Together with her business partner Christine Joann Riddell, 68, of Redondo Beach they sold Errors and Omission insurance policies nationwide. Evidence from the investigation found that after clients filed applications and made payments online, the agents did not place policy coverage nor did they forward premium payments to any insurance company. Riddell pled guilty in 2010 to six felony counts of insurance fraud for violating section 550(b)(3) of the Insurance Code and six felony counts of grand theft in violation of section 487(a) of the Penal Code. Manning was found guilty in May 2011 of six felony counts for violating 550(b)(3). Manning was sentenced to 90 days in jail, three years probation and ordered to perform 100 hours of community service. Riddell was sentenced to three years probation. Both were ordered to give up their rights to $130,000 that was seized for restitution to their victims and all insurance licenses pertaining to the business and the individuals have either lapsed or were surrendered.

 

 

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