Calif. Broker Pleads to Felony Grand Theft Charges

April 18, 2003

A California broker, John Sik Lee, 32, of Cerritos, pled no-contest to two felony counts and one misdemeanor count of grand theft based on evidence gathered by California Department of Insurance (CDI) investigators. The Los Angeles County District Attorney’s office prosecuted the case.

According to CDI investigators, Lee owned an insurance agency that reportedly operated under two different names including United Physicians Capital and NK Healthcare Insurance Agency. Between Jan. 21, 1999 through Nov. 1, 2002, Lee collected premium payments totaling $36,670 for professional liability policies purchased by various physicians. Lee allegedly failed to remit the collected insurance premiums to the insurance carriers and misappropriated the money to his own benefit.

Lee was ordered to pay restitution totaling $36,670 to five victims. If restitution is paid within six months, the court will order him to serve 60 days in the Los Angeles County Jail and 60 days with the California Transit Authority.

However, if Lee fails to meet the restitution obligation, he could be sentenced to serve up to four years in prison. In addition, he was ordered by the court to surrender his license.

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