Alfred Galoustian, 34, was arrested on a felony warrant charging six counts of grand theft.
CDI investigators revealed that Galoustian allegedly worked as an insurance broker/agent in Tarzana, collected more than $7,500 in insurance premiums and failed to remit premium to insurance companies. The alleged actions exposed five consumers to the risk of loss.
Galoustian purportedly collected the full premium from one client, then financed the premium without the victim’s permission. He placed his own post office box address on the application in order to prevent the victim from knowing the policy had been financed. Galoustian then reportedly failed to make the payments on the premium financing loan and the insurance policy was cancelled for non- payment.
Topics California Agencies Fraud
Was this article valuable?
Here are more articles you may enjoy.
Albertsons Reaches $774 Million Opioid Accord, Records Loss 
Wall Street Banks Try Out Anthropic’s Mythos 
Data Centers Offer a Potential $10 Billion Windfall for Insurers 
Hedge Fund Money Is Reshaping a 180-Year-Old Insurance Model From This Issue
