FORMER INSURANCE AGENT JAILED FOR FRAUD
Baltimore - Attorney General J. Joseph Curran, Jr., announced today that Stanley J. Page, 57, of Towson, was sentenced by Judge John Grayson Turnball, II to serve 10 years in jail, with all but one year suspended, following his conviction in Baltimore County Circuit Court on Felony Theft and Insurance Fraud charges. The sentence followed Page’s guilty plea in June to all four counts of a criminal information filed by the Attorney General in March. Page was further ordered to pay restitution in the amount of $254,447.97.
According to the Statement of Facts, between January and December 1998, Page arranged to finance insurance premiums two to three times for the same client’s policy, and used much of the converted money to float his failing insurance business, make payments of premiums financed earlier and pay personal expenses. Page converted $968,247.68 in the scheme.
Because he also used converted premiums to pay other financed premiums, the net theft totaled $593,693.66. Three premium finance companies suffered losses from the multiple financing of client’s policy premiums: Prime Rate Premium Finance Corp., Inc. lost $130,366.28; Credit Club Consumer Discount Co. lost $394,166.81 and Agency Services, Inc. lost $69,160.57.
"Because of the far reaching effects of Insurance Fraud on the majority of the honest, insured citizens of Maryland, my Office will continue to vigorously prosecute those who attempt to exploit the insurance laws of this state," Attorney General Curran said.
The case was investigated by the Insurance Fraud Division of the Maryland Insurance Administration after Agency Services reported the multiple financing of premiums by Page to the Insurance Administration. The Insurance Fraud Division is staffed by employees of the Insurance Administration, the Maryland State Police and the Office of the Attorney General.