Bakersfield man charged with eight felonies related to insurance fraud
| Friday, Feb 12 2010 05:22 PM
Last Updated Friday, Feb 12 2010 05:22 PM
A Bakersfield man was being held on $195,000 bail Friday after being charged with insurance fraud that investigators say took place over a three-year period.
Albert Prince, 53, was arrested Feb. 5 and charged with eight felonies, including perjury and embezzlement of more than $400. Investigators say he defrauded clients of hundreds of thousands of dollars.
Prince has pleaded not guilty to the charges, California Department of Insurance spokesman Mark Billingsley said.
The investigation into Prince alleges that from March 2006 to late September 2009, Prince accepted more than $400,000 from clients to pay premiums for homeowners' insurance, commercial liability insurance and construction bonds, Billingsley said. Prince is accused of instead keeping the money for himself, failing to place coverage with insurers and preparing fraudulent certificates of insurance so his clients would believe they were covered, Billingsley said.
A search warrant was served at Prince's business office and home July 15 and investigators found evidence of more victims of the fraudulent insurance transactions, Billingsley said. Prince's business was called Prince Insurance Agency.
The California Department of Insurance suspended Prince's license Sept. 3 and prohibited him from conducting any type of business related to insurance, Billingsley said. Prince surrendered his insurance license to investigators on Oct. 13.
"When agents commit these types of crimes it devalues the entire industry and makes it harder on legitimate agents to conduct business," California Insurance Commissioner Steve Poizner said in a statement.
Prince was still in Lerdo Jail as of Friday afternoon.
