Washington state insurance coverage agent will get two years for wire fraud
“The behavior is classic in relation to the embezzlement of clients,” said the US District Judge James L. Robart when convicting Boser and compared the crime to a pyramid scheme.
Boser founded InsuranceTek in 2003. The company specializes in helping small businesses in high risk areas get insurance coverage. Customers included private investigators, process servers, mortgage and field service companies, and security companies.
According to the Justice Department, Boser cheated on various customers between 2014 and 2016. She would find insurers willing to cover the risky companies and, if necessary, find a company to finance the premium payments. Boser was legally obliged to collect the premium payments from its customers and transfer them to the insurance companies.
Next read: Google is suing Duo over alleged cyber schemes
Instead, she pocketed some of the payments, forged insurance certificates and made her customers believe they were insured. In some cases, insurers canceled policies for non-payment, but Boser received the cancellation notices and hid them from their customers. Insurance premiums for these companies were tens of thousands – in one case more than $ 100,000, according to the Justice Department.
As part of her prison sentence, Boser was sentenced to pay $ 273,137 to eight different companies and insurance brokers she defrauded.