News: 2007 Press Release

SACRAMENTO ― Insurance Commissioner Steve Poizner today announced that thanks to the hard work of California Department of Insurance (CDI) Investigation Division officials, three Southern California insurance fraud perpetrators have been brought to justice. 

Life insurance agent Teresa Castro, 39, of Downey, was sentenced on October 3, 2007 for a misdemeanor count of grand theft, totaling nearly $1,800.  Castro was sentenced to three years probation and ordered to pay court fines.  Additionally, Castro was prohibited from accepting money for insurance business. 

CDI investigators revealed that from 2004 to 2005, Castro, a former insurance agent for Monumental Life Insurance Company, collected cash premium payments totaling $1,786.98 from 13 clients for life insurance policies.  Castro failed to remit the funds she collected, and instead pocketed the payments for her personal use.

Castro's illegal activity was uncovered when Monumental Life Insurance Company discovered the missing premium payments and reported Castro's fraud to CDI.  Castro has since paid $1,786.96 in restitution to Monumental Life Insurance Company.

Commissioner Poizner also announced today that sisters Danielle Monique Figueroa, 28, and Roxanne Michelle Aguirre, 27, both of Alhambra, were convicted of one felony count of grand theft.  Figueroa and Aguirre were both sentenced to five years formal probation, ordered to serve 180 days in county jail, and pay $15,571.72 in restitution.  The Los Angeles County District Attorney's Office prosecuted this case. 

CDI investigators uncovered that between September and December 2005, Figueroa used her position as a claims representative for American International Group (AIG) to embezzle funds.  Figueroa added bogus claimant information to legitimate claim files, justifying the issuance of numerous fraudulent checks made payable to Figueroa and Aguirre.  AIG reported Figueroa's illegal activity to CDI for investigation.

"I refuse to allow hard-working Californians be deceived by bad actors pretending to be honest insurance agents," said Commissioner Poizner.  "Mark my words, my Department's investigators will continue to track down and help prosecute fraud perpetrators who scam unsuspecting consumers for personal monetary gain."