Contact: Anna Alexopoulos
(850) 413-2842 TALLAHASSEE
– Florida Chief Financial Officer Jeff Atwater today announced the permanent license revocation of insurance agent Kenneth Mauchin, 48, of Sanford, following an investigation by the Florida Department of Financial Services’ Division of Agent & Agency Services that alleged he misappropriated client funds of persons age 65 or older. Last month, he also pleaded no contest to charges of exploitation of the elderly and grand theft. He was sentenced to 13 months in state prison and eight years of probation and ordered to repay more than $44,000 he scammed from three elderly citizens.
“One of the most disturbing financial crimes today is when a trusted advisor uses his or her position to steal from a senior citizen,” CFO Atwater said. “These seniors have worked all their lives to save and build a nest egg for their families. We will not tolerate those who prey on Florida’s seniors and try to rob them of their hard-earned money.”
A joint investigation with the Florida Department of Financial Services’ Division of Insurance Fraud revealed that Mauchin used his position as an investment advisor and licensed insurance agent to illegally transfer funds from the annuity accounts of three seniors into an account he personally controlled. Mauchin had been aware that each of the seniors’ spouses had serious health issues and told them “not to worry” as he would look out for them.
As part of the administrative action against Mauchin, he is permanently barred from directly or indirectly participating in the insurance industry.
CFO Atwater encourages seniors to visit the On Guard for Seniors website, www.MyFloridaCFO.com/OnGuard
, for great tips and resources designed to help seniors navigate through challenging financial decisions and avoid financial fraud. For additional information, visit www.MyFloridaCFO.com
or call the department’s Consumer Helpline at 877-MY-FL-CFO (877-693-5236).
Anyone with information of suspected insurance fraud is asked to call 800-378-0445. Citizens who provide tips can remain anonymous. The Department of Financial Services to date has awarded almost $275,000 to more than 40 citizens as part of its Anti-Fraud Reward Program. The program rewards individuals up to $25,000 for information that directly leads to an arrest and conviction in an insurance fraud scheme.Chief Financial Officer Jeff Atwater, a statewide elected official, oversees the Department of Financial Services. CFO Atwater’s priorities include fighting financial fraud, abuse and waste in government; reducing government spending and regulatory burdens that chase away businesses; and providing transparency and accountability in spending.