A Gulf Shores insurance agency must pay a $36,000 fine and adopt multiple accounting controls within 18 months after selling bogus homeowners policies to at least 118 customers.
A government hearing officer ruled that if Pamela Wynona Schoen of the Starfish Insurance Agency fails to implement the bookkeeping practices or pay the fine, she will lose her sales license and face an additional $236,000 in fines.
Hearing officer Frank Snowden wrote that while Schoen provided evidence that two employees, not her, sold the policies, there was “negligence in the operation of her office.”
Schoen testified during last month’s hearing in Mobile that she has spent more than $450,000 repaying victims of the fraud, which she said was perpetrated in her absence.
Topics Alabama
Was this article valuable?
Here are more articles you may enjoy.
Vehicle Complexity Complicates Auto Valuation, Says JD Power 
AI Ruling Prompts Warnings From Lawyers: Your Chats Could Be Used Against You 
Viewpoint: Japan’s $550B Bet on America鈥擶hat it Means for the US Insurance Market 
Mustard Maker Caught Pumping Pollutants Into River for Years and Lying About It 
