Above: Stock Image
A southern California insurance agent has reportedly been arraigned on felony charges of grand theft.
According to a press release by the California Department of Insurance, 40-year-old Vlada Cruz of Encino has been arraigned on two felony counts of grand theft following an investigation by the department.
The investigation began after the department received a complaint from one of Cruz’s clients, alleging that Cruz had failed to transfer collected insurance premiums to the insurance carrier during the years 2020 and 2021. As a result, the client suffered a financial loss exceeding $37,000, and their business remained uninsured for two years.
Investigators gathered evidence indicating that Cruz had intentionally misappropriated two policy premium payments over the span of two years, totaling $37,362. Cruz also allegedly issued fraudulent policy documents to her client, with the intention of deceiving them into believing they had valid insurance coverage.
The Department of Insurance has reportedly taken steps to address Cruz’s license, and the case is currently being prosecuted by the Los Angeles County District Attorney’s Office.
The California Department of Insurance is responsible for investigating suspected insurance fraud and misconduct impacting consumers in the state, and encourages anyone who believes they may be a victim to contact them at 800-927-4357 or through their official website.