Former Calif. Agent Jailed, Must Pay Restitution

California Insurance Commissioner Steve Poizner announced the sentencing of a former agent for stealing more than a half of a million dollars in insurance premium payments from his clients.

Basilio Vizmonte Reyes Jr., 48, of Northridge, was sentenced to seven years in state prison and ordered to pay $646,458 in restitution to his victims.

An investigation by the California Department of Insurance Investigation Division reportedly revealed that during a four year period from 2002 to 2006, Reyes sold phony commercial liability and workers' compensation policies to small businesses, including a number of nursing and assisted living facilities. In failing to remit the premium payments issued to him, Reyes not only stole from his clients, but also exposed them to the danger of potential uninsured losses.

This case was prosecuted by the Los Angeles County District Attorney's Office.