Insurance broker charged with fraud and money laundering
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LETHBRIDGE — A 36-year old Stirling man has been charged with fraud over $5,000 and money laundering, following an investigation by the Lethbridge Police Service.
Schwartz Reliance Insurance Brokers contacted police in October of 2016 to report fraudulent activity, after one of their employees noticed discrepancies in accounts that were managed by one of the partners.
Through their investigation, police say that between January 2008 and September of 2016, the individual created fake accounts and altered existing ones to generate higher commissions for himself. In total, police allege that he defrauded the business of more than $541,300.
Police have noted that no clients suffered any losses as a result, and that the business was the only victim.
