A Gulf Shores insurance agency must pay a $36,000 fine and adopt multiple accounting controls within 18 months after selling bogus homeowners policies to at least 118 customers.
A government hearing officer ruled that if Pamela Wynona Schoen of the Starfish Insurance Agency fails to implement the bookkeeping practices or pay the fine, she will lose her sales license and face an additional $236,000 in fines.
Hearing officer Frank Snowden wrote that while Schoen provided evidence that two employees, not her, sold the policies, there was “negligence in the operation of her office.”
Schoen testified during last month’s hearing in Mobile that she has spent more than $450,000 repaying victims of the fraud, which she said was perpetrated in her absence.
Was this article valuable?
Here are more articles you may enjoy.
Worst Start to Wildfire Season Raises Alarm as El Niño Threatens
LA Fire Suspect Angry About No Date for New Year’s, Prosecutors Say
CommScope Sued by Lenders for at Least $150 Million Over Alleged Breach
Sabotage Threats Have Put Europe’s Power Networks on Alert