Arkansas Suspends Licenses Agent, Agency in Insurance Fraud Investigation
Posted On April 30, 2018
Arkansas has dangling a word licenses of an group and a owners amid allegations of word rascal totaling some-more than $1 million.
The Arkansas Insurance Department reported that Insurance Commissioner Allen Kerr dangling a licenses of Berry Bishop and Alliance Insurance Group of Arkadelphia alleging reward financing rascal and pocketing patron premiums for personal use.
An sequence antiquated Apr 17 alleges that Berry and Alliance Insurance defrauded a Bank of Prescott of that volume by forging during slightest 17 reward financing agreements. Information from 4 existent business was allegedly used to emanate “non-existent word policies for material for a reward financing agreement,” according to a order.
Additionally, Bishop and Alliance Insurance Group are purported to have converted to personal use about $1.7 million in word premiums perceived from customers. That volume was not kept in trust for a remuneration of premiums on interest of those business and Alliance Insurance Group does not have a supports to compensate those business back, a sequence states.
According to a word department, Bishop no longer controls or manages Alliance Insurance Group. The sequence additionally states that “it is misleading underneath what management a remaining employees are creation managerial and financial decisions.”
Arkansas Business reported that a group has 21 employees and was in a routine of being sole when a Commissioner’s Order was issued.