Former Bakersfield insurance agent arraigned after allegedly embezzling clients’ insurance premiums
News: 2022 Press Release
BAKERSFIELD, Calif. — Formerly licensed insurance agent Guadalupe Annette Escobar, 37, of Bakersfield, was arraigned today in Kern County Superior Court on six felony counts of theft and misappropriations of funds after she allegedly embezzled money from several of her employer’s clients for her personal use instead of using the funds to place insurance coverage.
The California Department of Insurance began an investigation after receiving a complaint from Escobar’s employer. While working as a licensed agent for the reporting employer, Escobar collected funds from multiple clients of her employer meant as payments for their insurance premium coverage. The investigation found that instead of submitting the collected funds for deposit into the employer’s business bank trust account, Escobar took possession of the collected funds diverting them into her individual bank account for personal use.
The investigation discovered that between January 2019 and February 2020 Escobar embezzled a total of $20,232 in funds from her employer’s clients on multiple occasions. Escobar’s employer terminated her employment upon discovering the alleged embezzlement.
The Department revoked Escobar’s license on July 2, 2021. The Kern County District Attorney’s Office is prosecuting this case. Escobar is due next in court on July 13, 2022, for pre-preliminary hearing.
# # #
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.
