Unlicensed Mass. Agent Arraigned on Charges of Stealing from Clients

A Holden, Massachusetts woman has been arraigned on charges she continued to work as an insurance agent and stole more than $188,000 from clients after her license had been revoked, Attorney General Tom Reilly announced.

Heather Renzoni, 48, was arraigned on 24 counts of larceny over $250, two counts of attempted larceny over $250 and one count of impersonation. She pleaded not guilty in Worcester Superior Court and is next expected to appear in court April 11.

Renzoni was first licensed as an insurance agent in Massachusetts in April 1980. Her license was revoked in June 2002 because she reportedly misrepresented policy terms and conditions to clients. The revocation required Renzoni to cease and desist from all insurance activity for 10 years.

The indictments allege that since the revocation, Renzoni has continued to contact former clients about their policies and accounts. The clients had business with Renzoni when she worked for Jefferson Pilot Insurance Company and ING.

The investigation found that 24 customers ranging in age from 35 to 77-years-old have said they allegedly gave Renzoni money to either re-invest, pay off a whole life policy or to buy a new policy. These customers took out loans from their Jefferson Pilot policies or ING accounts and either signed over the checks to Renzoni or deposited the checks into their accounts and wrote personal checks to Renzoni. The indictments allege that rather than re-investing or paying off the policies, Renzoni then deposited the checks into her personal account.

During the three-year scheme, some of Renzoni’s clients’ policies lapsed.

It is alleged that Renzoni stole a total of $188,149 from her clients.

Five clients filed complaints with the Division of Insurance about Renzoni and her practices and the matter was referred to the Attorney General’s Office for prosecution.