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Former Insurance Agent Charged With Submitting Life Insurance Applications Without Permission of Clients May 25, 2010

Posted by jefhenninger in News.
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A former Burlington County insurance agent has been indicted for allegedly forging the names of clients on insurance applications and automated banking withdrawal forms.

Michael Troise of Marlton, formerly an insurance agent with Monumental Life Insurance Company, was charged on Thursday, May 20, with two counts of third-degree forgery, one count of fourth-degree forgery and three counts of third-degree insurance fraud.

The Burlington County grand jury indictment alleges that on May 27, 2005, Troise submitted a forged application for life insurance purportedly for a client. The indictment further alleges that on June 19, 2007, Troise forged two additional applications for life insurance purportedly for two additional clients. It is alleged that two of the clients had an automated banking withdrawal option selected so that the insurance premiums would have come directly out of the clients’ bank accounts. Troise allegedly forged the applications in such a way that it appeared as if the clients has authorized the applications. The indictment alleges that the clients did not authorize him to submit the applications. Troise allegedly submitted renewal applications for additional coverage for these same three clients, knowing that they did not authorize him to do so.

The Department of Banking and Insurance routinely assists the Office of the Insurance Fraud Prosecutor with the investigation and prosecution of licensed insurance agents. This assistance enables the state to coordinate criminal investigations and prosecutions with any imposition of licensing sanctions in order to protect the public.

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