JACKSONVILLE, Fla. – An insurance agent was arrested and charged with fraud after state investigators said he submitted fraudulent life insurance policy applications without the knowledge or consent of the named policyholders in order to obtain commissions.
Reuben Bradley Dunbar was is facing charges for both insurance fraud and organized fraud by a licensed insurance agent.
An investigation conducted by the Florida Bureau of Insurance Fraud revealed that Dunbar, who worked at Phoenix Insurance Inc. filed more than 98 fraudulent life insurance policies without the permission or knowledge of those named in the polices. The insurance policy applications contained the home address, phone number and bank account number of Dunbar in lieu of the purported insureds.
She state said that once Dunbar completed the insurance policy application and submitted it to the insurer, he paid the initial premium from his bank account via electronic funds transfer. Dunbar would then receive the origination commission from selling the policy.
“Fraud committed by a Florida-licensed insurance agent is especially despicable as it breaks the important confidence consumers must have in a trusted insurance advisor, Florida’s CFO Jimmy Patronis said. “Insurance fraud like this drives up insurance rates for all Floridians.”
Dunbar was arrested and booked into the Duval County Jail. If convicted, he faces up to 10 years in prison.