Texas Orders Mcallen Insurance Agent To Pay Some $20,000 Restitution For Fraud - (Read Full Story)
The Department of Texas Insurance ruled McAllen insurance agent Francisco Javier Sanchez must pay nearly $20,000 in restitution for engaging in "fraudulent and dishonest acts and practices" several years ago.
In a final order issued in May and announced in a news release Monday, the department concluded Sanchez, 48, used several fake identities and addresses to file applications for pre-need funeral insurance policies. He would then collect on advance commissions issued by the Unity Financial Life Insurance Company, the order states.
Sanchez would often file incorrect Social Security numbers in the policy applications and attach money orders for the first month's premium, state records show. The fraudulent policies would then go unpaid and Sanchez would allegedly fail to return part of his commissions.
State Commissioner of Insurance Mike Geeslin ruled Sanchez must return $5,000 to Unity and also $11,258.62 to Security National Life Insurance Company, to whom he reportedly owed a separate debit balance.
