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The Florida Department of Financial Services, Division of Insurance Fraud, which operates under the direction of CFO Jeff Atwater, announced the conviction and sentencing of former Orlando insurance agent Mario Ferreri. Earlier this year, Ferreri faced trial on fraud charges after being accused of stealing more than $1 million in insurance premium payments from his clients. Ferreri was convicted, sentenced to serve seven years in prison and ordered to pay back nearly $1.3 million in restitution.

DFS’s investigation into Ferreri’s activities dates back to 2013 when the Division of Insurance Agent and Agency Services, which licenses and regulates insurance agents and agencies in Florida, received a complaint from Lincoln Life Insurance Co.

The company suspected at the time that Ferreri had stolen premium payments from two clients and used the money for personal gain. The Division of Insurance Fraud was alerted of the criminal nature of the case, and Ferreri was arrested on fraud charges in late 2014.

Following that arrest, Ferreri found himself again facing charges when, in January 2016, another victim came forward suspecting that a $95,000 check intended for an annuity payment may have also been stolen by the insurance agent. A subsequent investigation confirmed the client’s suspicions and additional charges were filed against Ferreri.

Following his prison sentence, Ferreri will complete three years of supervised probation. He has been permanently barred from working within the insurance industry. This case was prosecuted by the Office of State Attorney Jeffrey L. Ashton of the 9th Judicial Circuit.

Source: Florida Division of Insurance Fraud

Topics Florida Agencies Fraud