A Los Angeles life insurance agent has been arrested and charged with five felony counts of grand theft and 10 felony counts of identity theft, the California Department of Insurance announced. Elio Accacio Ribeiro allegedly cancelled coverage and placed new coverage for some of his clients without their knowledge. He is being held on $500,000 bail.
According to CDI Investigators, between August 2009 and June 2010, Ribeiro illegally replaced a total of 10 life insurance policies which had been previously sold to his clients. Ribeiro allegedly cancelled four of his clients’ insurance policies without their knowledge or authorization and replaced the insurance policies with another policy from a different insurer. Ribeiro convinced six other clients to replace their life insurance policies with a policy from a different insurer after misrepresenting to them that the insurance company was being “bought out” by another insurer or the company was “no longer providing life insurance services”. Ribeiro received a total of $11,458.38 in commissions from the insurance company for placing these new policies. After discovering the illegal policy replacements, the insurer terminated Ribeiro’s company appointment and reported the fraud to CDI.
This case is being prosecuted by the Los Angeles County District Attorney’s Office.
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