Agent Sentenced for Embezzling Over $100k from Employer and Clients
- September 11, 2017
- Written by California Department of Insurance - CPRB
Los Angeles agent caught embezzling over $100,000 from employer and clients
LOS ANGELES, CA -- Suren Hovhannisyan, 27, a licensed insurance agent of North Hollywood, was arrested at his residence on multiple felony counts of burglary, grand theft, and unauthorized use of access cards after allegedly scheming to embezzle over $100,000 from his employer and clients for his personal use.
“This agent’s alleged crimes are reprehensible,” said Insurance Commissioner Dave Jones. “Licensed agents and brokers hold a position of trust and fiduciary responsibility. Hovhannisyan broke that trust and his pledge to follow the laws and regulations that govern his license with this department.”
After receiving a complaint from Hovhannisyan’s offered fictitious discounts to policyholders if they paid him in cash for their automobile insurance. Rather than remitting the cash payments to his employer, Hovhannisyan allegedly deposited the money into his mother’s bank account for his personal use.
A search warrant of Hovhannisyan used the credit cards of some clients, without their permission, to pay the automobile insurance premiums of those who paid him with cash. One victim’s credit card was charged 145 times to pay a total of $45,545 in insurance premiums for 80 other policyholders.