A former Hammond, La., insurance agent (producer) was arrested and
issued a Cease and Desist Order for allegedly misappropriating
insurance funds, according to Louisiana Insurance Commissioner Robert Wooley.
Department of Insurance Fraud Unit investigators served Lee Ponder
Yarborough, Jr., 43, with a Cease and Desist Order at the time he was arrested by members of the State Police Fraud Unit for alleged misappropriation and theft.
The Department of Insurance Cease and Desist Order stated that
Yarborough misappropriated insurance premiums of just under $2,000. It further stated that he is prohibited from engaging in any activity relating to the business of insurance, effective immediately. In addition, he is subject to fines and other penalties for the activities outlined in the order.
Department of Insurance records show that Yarborough held a property and casualty license from May 1986 until May of 2003 and a life and health license from March 17, 1998 until May 2002.
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