Hartford, Conn. — The Connecticut Insurance Department (CID) and Department of Banking (DOB) announced that former insurance producer, Ian Pierce, was arrested following a joint investigation by the CID, DOB, and the Statewide Organized Crime Task Force.
CID initially revoked Pierce’s insurance license in 2021 after its Investigation Division determined he had improperly accessed funds from a client’s life insurance policy and misappropriated premium payments. In 2024, CID received a new complaint alleging that Pierce continued to operate as a licensed producer despite the revocation. The Department opened a second investigation which uncovered evidence suggesting ongoing fraudulent activity, including falsified documents and a possible forged check.
Recognizing potential securities violations, CID coordinated with DOB, where Pierce was registered as a broker-dealer agent. The DOB conducted its own investigation, identified additional harmed consumers, and recently issued a consent order permanently barring Pierce from the securities industry. Pierce was also ordered to pay $164,000 in restitution and a $100,000 fine.
The Connecticut State Police Statewide Organized Crime Task Force then pursued criminal charges, and Pierce was arrested on June 5, 2025. He faces multiple felony and misdemeanor counts, including larceny, forgery, issuing bad checks, and criminal impersonation. Pierce is scheduled to appear at Rockville Superior Court for arraignment on August 7, 2025.
“This case is a strong example of interagency cooperation to protect Connecticut consumers,” said Connecticut Insurance Commissioner Andrew N. Mais. “When individuals misuse their position to defraud the public, we will work across state and criminal agencies to stop the harm and hold them accountable.”
“The Department of Banking will continue to work with state agencies and law enforcement like the state police to ensure Connecticut investors are protected and violators are held accountable,” said Connecticut Banking Commissioner Jorge Perez.
Source: Connecticut Insurance Department and Department of Banking
AgencyEquity statement on this article:
Some of the statements in this third party article may be forward-looking statements and perhaps even inaccurate statements. AgencyEquity or Strategic Agencies LLC does not make any representation or warranty, express or implied, as to the accuracy, completeness, or updated status of such statements. Therefore, in no case whatsoever will AgencyEquity or Strategic Agencies LLC be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.
