On May 22, 2020, 60-year old Ai Ling Lee, also known as Linda Lee, of Hacienda Heights, was arrested on nine felony counts of grand theft. Lee is the owner and operator of Jubilee Insurance Services.
The Department of Insurance had issued a Cease and Desist Order against Lee back in August of 2018 and revoked her business license for Jubilee Insurance Services in December of 2018.
Lee nonetheless continued to run the business. When the Department of Insurance again investigated, they found evidence suggesting Lee had embezzled about half a million dollars from clients.
Lee’s clients trusted her to use the payments she collected from them to pay the premiums for liability and property insurance. Her small business clients, which included restaurants, construction, and biochemical company owners, trusted her to pay premiums for workers’ compensation insurance.
Instead, she allegedly pocketed the money, made partial payments, or allowed coverage to lapse, exposing her clients to significant financial risks.
In addition, Lee is accused of altering declaration pages and forging client signatures on finance agreements in order to inflate premium payments and hide the embezzlement.
Lee’s case is being prosecuted by the White Collar Crime Division of the Los Angeles County District Attorney’s Office. Her next court hearing is scheduled for September 30, 2020.