Los Angeles Agent Arrested for Felony Grand Theft

Investigators with the California Department of Insurance (CDI) Investigations Division arrested Robert Derrick Franklin, 35, of Los Angeles, a licensed agent and owner of First Class Insurance Agency for reportedly selling bogus insurance policies and issuing phony ID cards. Franklin was charged with two felony counts of grand theft, booked into the Los Angeles County Jail and bail was set at $40,000.

CDI investigators suspect there may be many more victims in this case and are seeking assistance to locate these victims.

According to investigators, Franklin allegedly sold fraudulent insurance policies to consumers and collected premiums; however, he never submitted the monies to the insurance companies.

Franklin’s activities reportedly left many victims without valid automobile liability coverage.