Sentencing update on former West Covina agent accused of identity theft
News: 2014 Press Release
LOS ANGELES, Calif. - Eugene Shy-Ren Hsu, 31, of West Covina, a former insurance broker-agent, pleaded no contest to one felony count of identity theft for using another agent's identity to obtain a credit card and purchase life insurance policies without his customers' knowledge, which netted him thousands in commissions.
"Mr. Hsu violated his fiduciary responsibilities and the trust of those around him," said Insurance Commissioner Jones. "We will bring to justice unscrupulous people like Hsu who manipulate honest insurance agents for their own illicit financial gain."
An investigation led by the California Department of Insurance revealed that Hsu, owner and operator of NCP Insurance Center, stole the identity of an unsuspecting licensed California insurance agent who applied for a job with Hsu through an ad on Craigslist. Hsu used the licensed agent's identity in order to write several life insurance policies without the agent's knowledge.
As a result, Hsu collected fraudulent commissions on policies issued between June 2010 and October 2010. The individuals named on the life insurance applications had no idea a life insurance policy was purchased in their name. In addition, the investigation determined that Hsu used the licensed agent's identity to obtain a credit card to pay the insurance premium charges which allowed him to keep his scheme going and illegally collect commissions.
Hsu was prosecuted by the Los Angeles County District Attorney's office and sentenced to 30 days in Los Angeles County Jail, five years formal probation and paid restitution of $14,067 to his victim.
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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.