Former insurance broker from West Covina accused of ID theft, insurance fraud

A man from West Covina who previously had his insurance broker’s license revoked is accused of stealing the identity of another agent who responded to an online employment add to carry out an insurance scam, authorities announced Thursday.
Eugene Shy-Ren Hsu, 31, is charged with grand theft, forgery and identity theft following his Dec. 11 arrest, California Department of Insurance officials said in a written statement.
California Insurance Commissioner David Jones expressed outrage at the allegations against Hsu.
“It is inconceivable that a former agent whose license was already revoked by my office would go to such lengths to game the system for his personal gain,” he said. “I will not tolerate deceitful actions that smear the reputation of honest agents and brokers.”
Though his license had previously been revoked, Hsu owned and operated a business called the NCP Insurance Center.
“(Hsu) allegedly stole the identity of an unsuspecting licensed California insurance agent who applied for a job with Hsu,” according to the CDI statement. The agent had responded to a “help wanted” employment advertisement Hsu had posted online via the website Craigslist.
Hsu used the licensed agent’s identity to write several insurance policies, without the knowledge of either the agent or the individuals named in the policies, officials said. Hsu collected more than $16,000 in commissions from the fraudulent policies, and charged nearly $4,000 in premiums to a credit card he had allegedly established in the name of the licensed insurance agent to keep the scheme going.
Authorities said the crimes took place between June and October of 2010.
Anyone who has responded to an employment add posted by Hsu or NCP Insurance, or who has purchased insurance through Hsu or the company, is advised to watch for unusual credit activity and check with insurers to verify of policies are valid. Those with concerns may contact the CDI’s Consumer Hotline at 800-927-4357.
Hsu, who faces up to three years in prison if convicted as charged, was released from custody two days after his arrest after posting a $70,000 bond, according to Los Angeles County booking records. He was scheduled to appear Jan. 6 in El Monte Superior Court.

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