A Texas Department of Insurance (TDI) investigation led to prison time for a former insurance agent who overcharged almost $300,000 in insurance premiums.
Carlyle Poindexter pleaded guilty to conspiracy to commit wire fraud in August and was sentenced to five years in federal prison and a $50,000 fine.
“It’s just flat-out theft of taxpayer money,” said TDI Fraud Unit investigator Chris Yates. Yates brought in the FBI, who he works closely with combatting financial crimes and insurance fraud in South Texas.
In 2012, Maverick County Solid Waste Authority (MCSWA) needed a surety bond to get a state permit to operate a landfill. They asked local independent insurance agent Jose Jaime Rodriguez to find them an insurance company. Rodriquez contacted Poindexter, and the pair placed the bond with Lexon Insurance Company for $2.9 million (it later became $3.8 million).
Over six years, Poindexter charged MCSWA $712,350 in premiums but gave Lexon a fraction of that — $329,313. He kept almost $300,000 in addition to the $82,532 he and Rodriguez got in commissions.
Poindexter said the extra was for fees but didn’t have proof that MCSWA agreed to pay for fees.
“At the end of the day, he stole money from the citizens and masked it as legitimate fees,” Yates said.
Lexon discovered that Poindexter and Rodriquez were overbilling and reported suspected insurance fraud to the TDI Fraud Unit in 2017.
TDI’s Enforcement Division revoked Poindexter’s license in 2020 and suspended Rodriguez’s license for two years. Poindexter and Rodriguez were ordered to pay restitution to MCSWA.
Source: Texas Department of Insurance
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.
