Fraud Investigation Leads Connecticut to Revoke Agent’s License

April 16, 2008

The Connecticut Insurance Department has revoked the license of a Middlesex County insurance agent who it says forged clients’ signatures and held thousands of dollars in payments in his own bank account.

Those allegations against David M. Raczka follow an investigation by the department’s market conduct team. In addition to the forgeries, Raczka allegedly held on to his clients’ money from 4 to 10 months before reinvesting it on their behalf. He also was found to have changed mailing addresses and beneficiary information for clients without their authorization.

Commissioner Thomas R. Sullivan ordered the revocation. “Taking a bad agent out of the marketplace ensures consumers are protected from unscrupulous and fraudulent behavior,” he said.

Source: Connecticut Insurance Department

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