4 Life Insurance Agents Accused in $1.9M Fake Policy Scam

April 1, 2018 by Cyril Tuohy

Four Southern California life insurance agents have been arrested in connection with stealing $1.9 million in advance commissions by submitting fraudulent insurance applications, authorities said.

Mohammed Kakooza, 44, Margret Birabwa, 35, Michael C. Monday, 43, and Denis E. Osikol, 36, have pleaded not guilty to charges of theft, misrepresentation, money laundering and falsifying tax returns, authorities said.

Kakooza set up referral programs and paid life insurance applicants between $25 and $50 for referring family members or friends to sign up for life insurance coverage, according to a 38-count complaint filed by the Los Angeles District Attorney.

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Originally Posted at InsuranceNewsNet on March 29, 2018 by Cyril Tuohy.