N.Y. Man Arrested for Reported Pocketing of Premium Money

May 2, 2003

New York Superintendent of Insurance Gregory Serio and Brooklyn District Attorney Charles Hynes announced that a joint investigation with the assistance of the Rackets Bureau of the Brooklyn DA’s Office resulted in the arrest of Michael Rickman of Brooklyn, N.Y., a former insurance broker, for illegally pocketing insurance premium money.

The investigation revealed that Rickman reportedly collected approximately $40,000 in premium from consumers who had purchased auto insurance.

When their insurance coverage was cancelled because of lack of payment it was determined that Rickman had collected the premium but allegedly failed to remit to the appropriate insurer. It is alleged that Rickman took money from over 20 customers who bought insurance at his place of business, Michael I. Rickman, Ltd located at One Ave T in Brooklyn, NY.

Rickman was arrested and charged with Scheme to Defraud in the 1st degree, Grand Larceny in the 2nd degree and two counts of Grand Larceny in the 3rd degree.

He faces up to 15 years in prison if convicted.

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