Carlos Gutierrez, the former president and owner of G.M. Underwriters in Miami, was arrested on grand theft and fraud charges after an investigation revealed he stole nearly $1.1 million in insurance premiums from seven insurance and premium finance companies, according to an announcement by Chief Financial Officer Jeff Atwater.
An investigation led by the Department of Financial Services’ Divisions of Insurance Fraud and Agent & Agency Services found that Gutierrez directed his staff to divert insurance premiums between March and August 2012 to pay his own business debts.
Gutierrez, his agency and top staff have been permanently banned from the insurance business in Florida.
If convicted on both charges, Gutierrez faces up to 60 years in prison.
Source: Florida Department of Financial Services
Was this article valuable?
Here are more articles you may enjoy.
Flooding in California Leads to Soaked Roads, Water Rescues and 1 Death 
Apollo Expands Asset-Level Risk Reviews to Reflect Impact of Extreme Weather 
Marijuana’s Move to Schedule III: What it Really Means for Cannabis Insurance 
Tesla Drivers Are Buying Escape Tools and Cars to Avoid Getting Trapped Inside 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.