John Philip Ryan, 64, of Yucca Valley, California, was sentenced and ordered to pay more than $220,000 in restitution to victims after pleading guilty to two felony counts of financial elder abuse and grand theft of insurance premiums.
An investigation by the California Department of Insurance found Ryan stole money from his clients, some of which was intended to pay insurance premiums. The CDI revoked Ryan’s insurance licenses and licensing rights and banned him from participating in the business of insurance.
The CDI opened an investigation in 2017 after a complaint from Ryan’s former employee that Ryan retained premiums instead of remitting them to insurers.
One of the victims, Gregg Juarez, was a former art dealer and philanthropist who died in May at age of 94. Ryan reportedly used his position as Juarez’s insurance agent to gain trust and access financial documents and information to commit the crimes. Search warrants executed on Ryan’s bank accounts revealed that Ryan misappropriated $87,000 over at least two years from Juarez.
During the investigation the CDI found Ryan transacted insurance under the names of “Calinsured,” “Greater Palm Springs Insurance” and “PS Independent Insurance”. The investigation revealed 11 more victims, including another client in his 80s. The combined total stolen by Ryan from all his victims was over $220,000.
The CDI is asking any of Ryan’s current and former clients to review their policies and contact the listed insurer to verify its validity and confirm receipt of any funds they may have given to Ryan.
Topics California Fraud Agencies
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