A federal grand jury has indicted a 53-year-old Bedford, N.H., man on charges he defrauded clients of his insurance agency.
Prosecutors say from October 2001 to September 2003, Raymond Douville operated an insurance agency that catered to small, independently owned trucking companies. Many of his clients apparently borrowed from a finance company to cover the cost of most of their annual insurance premiums.
The indictment says the finance company wired loan proceeds to Douville to be held in trust for his clients and to pay their insurance premiums.
The indictment says Douville failed to pay the premiums and instead used his client’s money for his personal benefit, which left clients uninsured, but still obligated to repay their loans to the finance company.
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