Ex-ND Insurance Agent Accused of Bilking $1.5MBISMARCK, N.D. (AP) — A former Bismarck-area insurance agent is accused of stealing nearly $1.5 million from clients, many of them elderly, over a period of nine years.
By: Associated Press,
BISMARCK, N.D. (AP) — A former Bismarck-area insurance agent is accused of stealing nearly $1.5 million from clients, many of them elderly, over a period of nine years.
Brent Kitzan faces 27 felony counts relating to theft, insurance fraud and securities fraud. He was taken into custody over the weekend on an unrelated charge and state Insurance Department investigators served him with an arrest warrant issued last Friday, North Dakota Insurance Commissioner Adam Hamm said Tuesday.
The insurance and securities departments conducted a joint investigation into Kitzan's practices after receiving multiple complaints, Hamm said. Both departments ordered Kitzan to stop doing business late last year.
"Following a lengthy investigation, we turned the case over to the Burleigh County State's Attorney's office and worked with them to file these charges," Hamm said in a statement.
Court documents do not list an attorney for Kitzan. A telephone listing for his business, Kitzan and Associates, is no longer in service, and a home telephone listing could not be found Tuesday.
Kitzan is accused of collecting premiums from clients for bogus insurance policies, taking out personal loans from clients and collecting client money for investments that never were made. The crimes are alleged to have happened between 2003 and last year.
Copyright 2012 The Associated Press.