Former Exeter insurance agent arraigned for allegedly embezzling nearly $30,000
News: 2021 Press Release
FRESNO, Calif. — Former insurance agent Benjamin Weldon, 45, of Exeter, was arraigned today in Tulare County Superior Court on one felony count of grand theft after allegedly using his position as an insurance agent to embezzle nearly $30,000 from his employer.
An investigation by the California Department of Insurance began after the insurance company Weldon worked for attempted to collect policyholder premium payments from Weldon’s trust account, but found the account had insufficient funds.
The investigation revealed that Weldon collected cash payments from his clients for their insurance premiums between November 2017 and August 2018, credited their policies with the payments, but did not remit the payments to the insurance company. Weldon allegedly embezzled the cash, totaling $29,494, to pay personal expenses and repay personal loans.
The Department revoked Weldon’s insurance license on March 16, 2020. He is scheduled to return to court on July 14, 2021. The case is being prosecuted by the Tulare 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.
