Louisiana Insurance Agent Arrested; Faces $10K Fine

A Lafayette, La., insurance agent has been arrested, and served with a cease and desist order, license revocation and fine notice for alleged misappropriation, misrepresentation and forgery, the Louisiana Department of Insurance reported.

Joseph Stephen Buck, 26, was arrested by state police on 26 counts of Prohibited Acts, 21 counts of Forgery and one count of Felony Theft. In addition to the C&D order and license revocation, he was served with a $10,000 notice.

The LDI alleges that as a producer writing employer group policies including short-term disability, cancer, accident, hospital indemnity and specified disease, Buck failed to remit premiums to the insurance company which resulted in his clients receiving cancellation notices for non-payment of premium.

He is also alleged to have written bogus policies on individuals who were not employees of the group from which he received commissions.

Department records show that Buck was issued a Life, Health and Accident license in March 2007, which was valid until the current summary suspension. His license will be revoked in 30 days unless he requests a hearing with the Department of Insurance.

Source: Louisiana Department of Insurance