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Updated 3:32pm - Aug 19, 2014

Home arrow News arrow Local News arrow Insurance agents arrested

Insurance agents arrested

By Nicholas Grube

Triplicate staff writer

Two Pelican Bay State Prison correctional officers were arrested Tuesday for stealing insurance premiums and issuing fraudulent insurance policies to customers – some of who were co-workers at the prison.

Jerrold Young, 53, and Margaret Young, 61, owners of Fraser, Yamor and Young insurance agency in Crescent City, were arrested for grand theft, forgery and criminal conspiracy after a lengthy, multi-departmental investigation that included the California Department of Insurance, the Crescent City Police Department and the Del Norte District Attorney's Office.

"It has been going on for some time, and it's been under investigation for some time. And it has finally coming to fruition," District Attorney Mike Riese said.

Complaints stretch back to 2000 when the Young's diverted trust fund money for their own personal use, he said.

The Youngs, after the California Department of Insurance issued a warning to them and their attorney, replaced the missing trust fund money.

But according to a press release from the California Department of Insurance, the Youngs continued to dip their hands in their customers' pockets.

The Youngs, along with other employees, began stealing insurance premiums from their customers. When these thefts were discovered, the Youngs and some of their employees tried to disguise the thefts by issuing fraudulent certificates of insurance. They even went so far as to fake a burglary in which only the records of stolen payments and the computer used to create false insurance documents were taken.

However, not all employees of Fraser, Yamor and Young were involved. Some came forward and outlined the fraud for investigators.

"We believe four people were involved in the overall scheme," Riese said. "The evidence leads us to believe that they (the four) were actively doing this, or they were covering this up after this occurred."

In addition to the arrest of the Youngs, the California Department of Insurance said Page Castro was arrested, meaning at least one more arrest is pending. But the investigation still continues in the search for victims.

"The most conservative and cautious thing to do is make sure that nobody else is affected by this," Riese said. "If there is anyone who feels that they've been victimized by this insurance company we'd like to hear from them."

Are You a Victim?

Anyone who thinks he or she might be a victim can call the Del Norte District Attorney's Office at 464-7210 or The California Department of Insurance at 916-854-5777.

Tell Your Story

If you would like to speak with a reporter and help warn others, contact Nicholas Grube at 464-2141 or .

 


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