Long Beach Broker-Agents to Pay Restitution for Bogus Insurance

Insurance broker-agent Carlos Macias, and former insurance broker-agent Yvette Diaz (aka Yvette Benitez) have been convicted and sentenced in connection with a scheme that involved stealing insurance premiums and issuing phony insurance certificates, according to the California Department of Insurance.

Macias, 23, a licensed broker-agent from South Gate, Calif., and Diaz, 44, a former insurance broker-agent residing in Miami, operated International Commercial Insurance in Long Beach. Calif. CDI investigators discovered that Diaz collected at least $13,507 in insurance premiums from five clients and failed to secure coverage. Instead of sending payments to the insurance companies, Diaz kept the money and issued bogus proof-of-insurance documents. Although Diaz was unlicensed, Macias allowed her to illegally transact insurance through his office.

The five victims were owners of trucking businesses who paid premiums to Diaz from March 2003 through Oct. 2003. They were led to believe they were receiving commercial trucker insurance policies but instead, received bogus insurance documents.

Macias was convicted on two misdemeanor counts of transacting insurance without a license- for aiding and abetting Diaz in the transaction of insurance without an insurance license. Macias was sentenced to three years summary probation, 30 days of community service and ordered to pay restitution and court fees.

Diaz pleaded guilty to five felony counts of grand theft. She was sentenced to four years and four months in state prison and was given credit for 306 days she served in the Los Angeles County Jail. The remainder of the prison sentence was suspended and Diaz was ordered to serve five years formal probation, pay restitution in the amount of $13,508 to the victims and pay a fine and court fees.

This case was investigated by CDI’s Investigation Division’s Los Angeles Regional Office and prosecuted by the Los Angeles County District Attorney’s Office.

Source: CDI