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Slidell insurance agent suspended for misappropriating funds from recreation …

Friday, April 4th, 2014

Slidell insurance agent suspended for misappropriating funds from recreation …
News from The Times-Picayune:

The owner of a Slidell insurance agency has been served with a summary suspension and a cease-and-desist order for allegedly misappropriating insurance premium funds from a St. Tammany Parish recreation district, the Louisiana Department of Insurance reported Friday. Michael Neely, a property and casualty producer and owner of Mike Neely Insurance Agency, L.L.C., allegedly misappropriated thousands of dollars in insurance premiums, the department said.

The state’s action means the insurance agency must stop operating, a Department of Insurance spokeswoman said. The case will be turned over to State Police, she said.

Fraud Division investigators said Neely accepted a check for $ 9,824 from the parish’s 4th Recreation District for the purchase of property and casualty insurance, a new release from the Department of Insurance said. But Neely failed to purchase the insurance coverage, it said.

Authorities said Neely later refunded the premium to the recreation district.

He faces revocation of his insurance producer license as well as a possible fine imposed by the co…………… continues on The Times-Picayune

… Read the full article

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