A former Iowa insurance coverage producer has obtained a suspended jail sentence for his participation in an insurance coverage fraud scheme.
Oscar Sanchez of Marshalltown, Iowa, was sentenced on Feb. 3. Sanchez pleaded responsible on Dec. 28 to a few counts of insurance coverage fraud – fraudulent submissions and 4 counts of insurance coverage fraud – fraudulent gross sales practices, each Class D felonies.
The sentence follows an investigation by the Iowa Insurance coverage Division’s (IID) Fraud Bureau. The investigation, which started in September of 2020, concluded that Sanchez offered phony insurance coverage paperwork to a number of individuals in Marshalltown and picked up premium funds for insurance coverage insurance policies that didn’t exist. Sanchez additionally collected illegitimate money deductible from insureds, which he used for his personal private acquire, in response to the IID.
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For the crime of insurance coverage fraud – fraudulent submission, Sanchez obtained a five-year suspended jail sentence and two to 5 years supervised probation. He was additionally ordered to pay a civil penalty of $3,075.
For the crime of insurance coverage fraud – fraudulent practices, he was given a five-year suspended sentence and two to 5 years of supervised probation. He was additionally ordered to pay a civil penalty of $4,100 and restitution of $38,070.
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