Unlicensed insurance agent Ai Ling Lee, also known as Linda Lee, 60, of Hacienda Heights, was arrested on nine felony counts of grand theft after allegedly stealing approximately half a million dollars in clients’ insurance premium payments and failing to place adequate coverage for her clients’ small businesses.
An investigation by the Department of Insurance found Lee, as owner/operator of Jubilee Insurance Services, allegedly acted as an insurance agent to steal half a million dollars in premium payments even though she was not properly licensed by the department.
“Ms. Lee’s alleged theft left her clients’ businesses uninsured, exposing them to significant financial risks,” said Insurance Commissioner Ricardo Lara. “My department is dedicated to investigating and shutting down unscrupulous agents who abuse the trust of unsuspecting clients.”
Lee accepted premium payments from her clients to place liability, property or workers’ compensation insurance coverage for their small businesses. Lee failed to place insurance coverage or allowed the coverage to lapse for nonpayment leaving her clients’ small businesses, including restaurants, construction companies and biochemical companies at risk.
In order to inflate premium payments and hide her alleged embezzlement, Lee altered declaration pages for several clients. The premium payments collected by Lee were either not remitted to insurance carriers or only partially paid. Lee also allegedly forged clients’ signatures on finance agreements in order to finance some of the insurance premiums without her clients’ knowledge or consent.
Lee was arrested on Friday, May 22, 2020, and is scheduled to appear in court on September 30, 2020. This case is being prosecuted by the White Collar Crime Division of the Los Angeles County District Attorney’s Office.
The Department of Insurance issued a Cease and Desist Order against Lee on August 7, 2018, and revoked her business’, Jubilee Insurance Services, license on December 1, 2018.
People can check the license status of their agent or contact the Department of Insurance at 800-927-4357 if they suspect they are victims of insurance fraud.
http://www.insurance.ca.gov/
