Agent allegedly steals over $65,000 from small business owners

LOS ANGELES, CA — Insurance agent Francis Okyere, 67, self-surrendered yesterday at the Los Angeles County Superior Court after being charged with four felony counts of grand theft.

The charges arose from an investigation by the Department of Insurance’s Investigation Division, Valencia Regional Office, into multiple complaints filed by clients of Okyere alleging that their insurance policies were cancelled despite paying Okyere for the coverage. The investigation revealed that, between July 2015 and September 2016, Okyere misappropriated at least $65,456 in insurance premiums payments from four small business owners and used those funds for his personal benefit. Okyere’s actions left the business owners uninsured against potential liability and workers compensation claims.

Okyere will be arraigned on July 11, 2019 and bail was set at $30,000. The case is being prosecuted by the Healthcare Fraud Division of the Los Angeles County District Attorney’s Office.

The Department of Insurance Legal Division filed an Accusation against Okyere on December 18, 2018 and is seeking to revoke his insurance license. If anyone has information on this investigation, we urge them to call the department at 661-253-7500.