AG: CEO of Taunton Insurance Agency Stole over $250K from Clients
BOSTON — A Cape Cod man who owns an insurance agency in Taunton has been indicted for allegedly embezzling insurance premiums through his company.
Attorney General Maura Healey's Office says David Pietro, 63, of Sandwich, along with his company, DGP Miles Insurance Agency of Taunton, was indicted Monday by a Statewide Grand Jury on five counts of larceny over $250. Pietro will be arraigned in Bristol County Superior Court at a later date.
Pietro is the President and CEO of DGP Miles Insurance Agency.
The AG's Office says Pietro, a licensed insurance broker, collected insurance premiums from clients through his company and failed to transfer the payments to their insurance carriers. As a result of the alleged embezzlement, many of the commercial insurance policies held by Pietro's clients were canceled, leaving the clients uninsured.
Pietro stole $270,423.65 in premiums from client companies, according to the AG's Office.
The AG's Office is encouraging members of the public to contact them if they believe they may have been victimized by Pietro's alleged conduct or if they have information regarding others who may have been victimized. Members of the public can call the Attorney General's Office Insurance Fraud Tip Line at 617-573-5330.