Washington Insurance coverage protection Agent Charged With Stealing $424K in Premiums

A King County, Washington, resolve issued a bench warrant a former Seattle insurance coverage protection agent charged with stealing higher than $400,000 in premiums from his purchasers.

Edward Hadley was charged with 9 counts of first-degree theft following investigations by the Washington Office of the Insurance coverage protection Commissioner’s Licensed Affairs and Authorized Investigations gadgets. The King County Prosecutor’s Office filed bills, and the warrant was issued after he reportedly didn’t look in courtroom.

Between December 2020 and November 2021, Hadley allegedly deposited 21 checks totaling $424,107 made payable to HUB Worldwide Northwest LLC into his non-public account barely than the acceptable enterprise account.

Actually considered one of Hadley’s enterprise purchasers switched their earthquake insurance coverage protection to a singular agency — Superior Underwriters — and requested copies of the prior insurance coverage insurance policies Hadley had purchased them. When he provided copies of the sooner insurance coverage insurance policies, the model new agency determined the insurance coverage insurance policies Hadley had purchased had completely completely different phrases, premiums, and contract and issuance dates, and he had provided falsified proof of safety paperwork for his or her earthquake insurance coverage insurance policies.

Superior Underwriters notified the OIC of Hadley’s suspected violations. The OIC achieved a regulatory investigation.

Eleven of the consumers interviewed all through the investigation well-known that they’d not made their checks out to Hadley nonetheless to his insurance coverage protection firm. Hadley then collected the checks, wrote his private “Metropolis B Properties” enterprise title on the checks, and deposited them into his non-public account via ATM, consistent with the OIC.

All through the interval when Hadley was depositing premium checks into his non-public account, he reportedly withdrew $276,387 for charge once more to HUB NW. whether or not or not that money was returned to customers impacted throughout the case is unclear. The other $147,719 was unaccounted for, consistent with the OIC.

The OIC forwarded the investigation to CIU. Hadley was moreover added to Insurance coverage protection Commissioner Patty Kuderer’s insurance coverage protection fraud most wanted itemizing. The OIC revoked his insurance coverage protection producer license in June of 2024.

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