Agent Steals More Than $100K From California Businesses
September 10, 2014 by N/A
Isidro Santillan, 53, of Pacoima, Calif., has been arrested and charged with 13 counts of grand theft and three counts of commercial burglary.
Santillan allegedly stole more than $100,000 by selling insurance policies and bonds to licensed contractors and not forwarding the premium to insurance companies.
Investigators allege Santillan, who also went by Art Sanchez, issued premium checks that did not require the payer’s signature, and then instead of sending these premiums to his clients’ insurers he cashed the checks for his own personal use.
It’s alleged that Santillan did not forward premium payments to purchase policies for his clients, which left his victims at risk for uninsured losses.
According to investigators, Santillan attempted to cover up his theft by providing both falsified and legitimate certificates of insurance and premium finance agreements. In some instances, he allegedly made partial premium payments but the policies were later cancelled by insurers due to lack of full payment.
The California Department of Insurance launched an investigation in late 2012 after receiving complaints about Santillan’s business practices regarding the sale of commercial auto, general liability and workers’ compensation insurance and bonds. Some of his victims discovered cancelled checks that exceeded the cost of the insurance policy they had agreed to purchase.
“When Santillan stole his client’s insurance premium money, he exposed business owners to great financial risk by leaving them without insurance coverage,” Insurance Commissioner Dave Jones said in a statement.
If convicted Santillan faces up to 12 years in state prison.
CDI is looking for additional victims in this case and is asking anyone that may have done business with Sid Santillan, Art Sanchez, Insurance Service Center or Isidro Santillan Insurance Services, to contact the investigation division (661) 253-7500.
