Tuesday, July 31, 2012

Insurance Fraud Bureau Investigation Results in Prison Sentence for Revoked Agent

 Found guilty of selling insurance without license


JULY 31, 2012, DES MOINES, IOWA– Doug Inlay’s license to sell insurance in Iowa was revoked by the Iowa Insurance Division on November 10, 2010 as a consequence of violations of Iowa law.  Unfortunately, the former Sioux City agent didn’t stop selling insurance when his license disappeared.

 He was found guilty on July 16 of selling insurance without a license, and was sentenced to five years in prison. In addition, he received a 25 year suspended sentence of a specified unlawful activity and insurance fraud.  At the end of his sentence, he will still have to serve four years on probation.

 “We’re glad to see the extensive investigative work of the Insurance Division and its Fraud Bureau has resulted in punishment for this individual,” said Susan Voss. “Over 30,000 Iowa insurance agents serve their customers well and in a manner consistent with Iowa laws. Prosecution of serious offenders protects both the public and the reputation of ethical insurance professionals. “

About the Iowa Insurance Division

The Iowa Insurance Division (IID) has general control, supervision and direction over all insurance and securities business transacted in the state, and enforces Iowa’s laws and regulations. The IID investigates consumer complaints and prosecutes companies, agents and brokers engaging in unfair trade practices. Consumers with insurance or securities-related questions or complaints may contact the IID toll free at 877-955-1212 or visit the Division on the web at www.iid.state.ia.us.