Alleged Thief Surrenders Iowa Producer’s License

March 14, 2003

The Iowa Insurance Division (IID) has entered a consent order against Sandra Daugherty of Madrid after she was charged in Story County District Court with three counts of criminal misconduct.

Daugherty, who served as office manager for the Severson Insurance Agency for over 25 years, allegedly stole up to $200,000 from the agency. Following an investigation, the IID negotiated a consent order permanently revoking her insurance license.

The IID met with the Severson Agency directors to be sure that no consumers were in danger of losing their insurance coverage. The agency was cooperative throughout the process and verified that no policies were put at risk as a result of Daugherty’s conduct.

Investigators from the Insurance Division met with the Ames Police Department and talked with the county attorney that was handling the case. Daugherty allegedly took the money over a four-year period by taking cash, writing checks to herself and fictitious businesses.

Further investigations led to the allegation that she had falsified financial records and bank statements. As a result, she was charged with first-degree theft, on-going criminal conduct and fraudulent practice.

Federal and Iowa law ban anyone who has been convicted of a criminal felony involving dishonesty, or breach of trust, from working in the insurance industry. Daugherty and her lawyer were informed of the Division’s decision to seek revocation of her insurance license.

She agreed to the consent order and waived her right to a public hearing. Administrative Law Judge Martin Francis finalized the order to permanently revoke the Daughterty’s license March 3.

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