Carlos Gutierrez, the former president and owner of G.M. Underwriters in Miami, was arrested on grand theft and fraud charges after an investigation revealed he stole nearly $1.1 million in insurance premiums from seven insurance and premium finance companies, according to an announcement by Chief Financial Officer Jeff Atwater.
An investigation led by the Department of Financial Services’ Divisions of Insurance Fraud and Agent & Agency Services found that Gutierrez directed his staff to divert insurance premiums between March and August 2012 to pay his own business debts.
Gutierrez, his agency and top staff have been permanently banned from the insurance business in Florida.
If convicted on both charges, Gutierrez faces up to 60 years in prison.
Source: Florida Department of Financial Services
Was this article valuable?
Here are more articles you may enjoy.
Uber Jury Awards $8.5 Million Damages in Sexual Assault Case 
Cape Cod Faces Highest Snow Risk as New Coastal Storm Forms 
Credit Suisse Nazi Probe Reveals Fresh SS Ties, Senator Says 
Elon Musk Alone Can’t Explain Tesla’s Owner Exodus 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.