Insurance Broker Pleads No Contest to Grand Theft
A Long Beach insurance broker who pleaded no contest to six counts of grand theft of insurance premiums will have his license revoked, authorities said Monday.
Theophilus Elo Udechukwu’s license was ordered revoked by Insurance Commissioner Clark Kelso, according to the state Department of Insurance. The revocation is effective Aug. 18.
In April, Udechukwu was convicted of collecting premiums from customers for auto and commercial insurance and then failing to make the payments.
Udechukwu pocketed his clients’ money and issued fake insurance cards to them, authorities said. The investigation was launched after several clients filed complaints upon learning they had no insurance.
He was sentenced to five years of formal probation, 1,000 hours of community service and ordered to pay $10,200 in restitution to six victims.
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