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Former Agent Faked Policies and Pocketed Premiums, Gets 5 Years in Prison

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Former agent gets 5 years for selling fake policies

A San Antonio woman pleaded guilty to fraud after a Texas Department of Insurance (TDI) investigation found she pocketed money from clients who thought they were buying home policies.

Cynthia Olague, a former insurance agent, stole premiums from more than 20 different homeowners leaving their property unprotected.

A TDI investigation found Olague would collect premiums but deposit the payments into her personal checking account, instead of forwarding the money to the insurance company. To hide the crime, she created fake insurance documents to give to her clients and their mortgage companies.

Several victims only found out they did not have coverage when they tried to file insurance claims for losses.

Olague was sentenced Monday to five years’ in prison and ordered to pay back $19,128.

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