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CA Department of Insurance

LA insurance agent allegedly steals over $65,000 from small business owners

News: 2019 Press Release

For Release: May 16, 2019
Media Calls Only: 916-492-3566
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LA insurance agent allegedly steals over $65,000 from small business owners

LOS ANGELES, Calif. — Insurance agent Francis Okyere, 67, self-surrendered yesterday at the Los Angeles County Superior Court after being charged with four felony counts of grand theft.

The charges arose from an investigation by the Department of Insurance’s Investigation Division, Valencia Regional Office, into multiple complaints filed by clients of Okyere alleging that their insurance policies were cancelled despite paying Okyere for the coverage. The investigation revealed that, between July 2015 and September 2016, Okyere misappropriated at least $65,456 in insurance premiums payments from four small business owners and used those funds for his personal benefit. Okyere’s actions left the business owners uninsured against potential liability and workers compensation claims.  

Okyere will be arraigned on July 11, 2019 and bail was set at $30,000. The case is being prosecuted by the Healthcare Fraud Division of the Los Angeles County District Attorney’s Office.

The Department of Insurance Legal Division filed an Accusation against Okyere on December 18, 2018 and is seeking to revoke his insurance license. If anyone has information on this investigation, we urge them to call the department at 661-253-7500.

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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 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.

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