A former insurance broker has been arrested on nine felony counts of grand theft and one felony count of forgery totaling $73,990, according to California Department of Insurance (CDI) investigators.
Ronald Nhi Bang, 34, allegedly collected premiums from at least nine business owners and issued false insurance policies and certificates, leaving victims without valid business insurance and forcing policies to be canceled for non-payment. Further evidence suggests Bang reportedly inflated the true premium rates by at least $10,000, causing victims to overpay for the coverage.
Bang, who specialized in commercial line insurance, was arrested Aug. 12. He operated an insurance agency in Rosemead where a majority of his victims were of Chinese descent. Bang allegedly admitted the wrongdoings to some of the business owners and agreed to refund their money. However, only one victim received a partial refund to date. The Los Angeles District Attorney’s Office in Pasadena prosecuted the case and bail was set at $500,000.
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