Former licensed insurance agent, Alan Amir Yousefi, 31, was charged with 10 felony counts including grand theft, insurance fraud and forgery, for allegedly stealing more than $105,000 in insurance premiums from several business owners.
Yousefi used a variety of schemes targeting contractors and small businesses to steal workers’ compensation premiums leaving his victims without insurance and at great financial risk.
The investigation revealed Yousefi, doing business as Vanak Insurance Services, failed to place insurance for clients and instead pocketed workers’ compensation premiums and used the cash for gambling, sports equipment and designer clothes.
Contractors and small businesses, including a minority-owned business, were issued bogus certificates to cover up the fraud. Not having valid policies in place exposed these businesses to claims and the potential for huge financial losses.
A construction company that purchased a workers’ compensation policy from Yousefi discovered it did not have coverage after an injured employee filed a claim. This business suffered an uncovered loss and is now negotiating a costly settlement with the injured employee’s attorney.
Other victims faced premium hikes as a result of having gaps in coverage through no fault of their own, while another victim had their contractor’s license suspended by the Contractors State License Board because Yousefi failed to secure the company a workers’ compensation policy.
He surrendered at the courthouse and was released after posting $100,000 bail, and is scheduled to be arraigned February 25th.
The Orange County District Attorney’s Office is prosecuting the case.