N.C. Insurance Agent Arrested, Charged with Embezzlement

July 11, 2007

North Carolina Department of Insurance officials arrested a Tarboro insurance agent on charges of embezzlement last month.

Insurance Commissioner Jim Long said William “Billy” Michael Whitley, 51, of 4959 McKendree Church Rd. in Tarboro was arrested at the Edgecombe County Magistrates Office June 26 and was placed under a $10,000 unsecured bond. His first appearance court date is set for July 12 in Nashville.

The allegations against Whitley stem from a Department of Insurance audit conducted in May 2007. The Department’s Agent Services Division, which handles agent licensure, found evidence that Whitley allegedly embezzled approximately $31,000 from his customers.

The alleged crime took place between December 2006 and May of this year. Investigators allege that Whitley would keep customers’ premium payments for his own use rather than applying the payments to the insurance policies. Fortunately, none of the affected customers had claims during this period. However, several customers’ policies lapsed without their knowledge.

The effected policies included worker’s compensation, property/casualty and homeowners policies. Whitley Insurance Agency is located in Rocky Mount at 3303 Sunset Ave., Suite E. Whitley holds Life/Health, Property/Casualty, and Medicare Supplement/Long-Term Care licenses in North Carolina.

Source: North Carolina Department of Insurance

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