California Insurance Commissioner Harry Low ordered the revocation of the licenses and licensing rights, effective April 13, of Jack Hagop Printsian and his son Ara Kaspar Printsian. The two Santa Clarita brokers were found guilty of multiple felony counts of grand theft for swindling clients of their insurance premiums.
The Los Angeles Superior Court found the father-son duo guilty of collecting premiums from customers for auto insurance and failing to remit payments to authorized insurance companies. Instead, the Printsians issued phony insurance identification cards and kept their clients’ payments for their own personal use.
Both men were sentenced to five years formal probation, 300 hours of community service, and ordered to pay $14,826. In addition, neither will be allowed to handle money that is not their own nor will they be allowed to transact insurance business.
The CDI’s Criminal Investigation Branch launched an investigation after receiving numerous consumer complaints.
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