New Orleans Agent Shut Down for Misappropriating Funds; Submitted 21 False Annuity Applications

May 6, 2004

Louisiana Insurance Commissioner J. Robert Wooley announced that Department of Insurance Fraud Unit investigators served New Orleans agent, Tanya Maria Price, 38, with cease and desist orders and summary suspensions of her individual and agency insurance licenses, prohibiting her from conducting any kind of insurance business in the state of Louisiana.

The C&D orders, issued to Price and New Legacy LLC insurance agency, 3520 General DeGaulle St., Suite 4070, New Orleans, state that she submitted 21 fraudulent annuity applications through the New Legacy agency and earned commissions on those annuities. They further state, among other charges, that she misappropriated $91,836 she received from a retired teacher of the Orleans Parish School System that was to be used to purchase an annuity. The C&Ds also note that, on April 28, she entered into an agreement with the United States Attorney to plead guilty to mail fraud and wire fraud in connection with fraudulent insurance activities.

Insurance department records show that Price had held a life and health insurance license since July 19, 1994.

Commissioner Wooley says that anyone who has information about any kind of suspected insurance fraud should call the Department of Insurance at (800) 259-5300, statewide, or (225) 342-5900. Names of callers can be held confidential upon request.

Was this article valuable?

Here are more articles you may enjoy.