Honolulu Agent’s License Suspended for Misrepresentation, Fraud

September 14, 2007

Hawaii Chief Deputy Insurance Commissioner Gordon Ito has filed for the immediate suspension and a notice to revoke the producer license of Mark K. Teruya for misrepresentation, deceptive acts and fraud. Teruya is currently the president of Senior Resources of Hawaii Inc.

According to the charges stated in the action, Teruya induced an 82- year-old senior to sign forms that gave Teruya access to the person’s financial institution. Using those forms, he accessed the victim’s account without permission and transferred more than $100,000 from one insurer to another.

“The Insurance Division has been working with the Securities Enforcement Branch of the Department of Commerce and Consumer Affairs in regards to the investigation of Mr. Teruya,” Ito said. “The division believes that Mr. Teruya’s actions in this case violated the Insurance Code and negatively impacted the senior citizen.”

Ito said that the division is continuing other investigations on related matters and that more actions may be forthcoming.

Source: DCCA

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