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Chief Financial Officer Jeff Atwater Suspends Lake Worth Insurance Agent’s License for Pocketing Consumer Premiums

1/18/2011

Contact: Alexis Lambert or Nina Ashley
(850) 413-2842

TALLAHASSEE— Florida CFO Jeff Atwater yesterday ordered the emergency suspension of a Lake Worth insurance agent’s license after he allegedly misappropriated automobile insurance premiums and issued bogus insurance identification cards to consumers.

Hector Marcano, 47, owner of American Dream Insurance Services, allegedly misappropriated automobile insurance premium funds from at least three different Florida insurance consumers in the past year. 

“Mr. Marcano’s actions have deprived these consumers of the necessary coverage putting them at risk of financial and physical harm,” said CFO Atwater. “I will not allow an insurance agent to conduct business in the state of Florida without the highest standards of honesty and integrity.”

The Division of Agent and Agency Services investigated the allegations after consumers filed complaints.  Marcano confessed that he collected insurance premium funds, failed to forward the proper money to insurance companies to secure coverage, and provided fraudulent insurance cards.  The Division of Insurance Fraud arrested Marcano in October 2010 and again this month related to the allegations.  The criminal court cases are pending.

CFO Atwater encourages all Florida insurance consumers to “Verify Before You Buy” by visiting www.MyFloridaCFO.com. Consumers who have questions about insurance can call CFO Atwater’s Consumer Helpline at 1-850-413-3089 or 1-877-MY-FL-CFO (877-693-5236).  If you or someone you know has been a victim of financial fraud, call toll-free 1-800-378-0445 or visit www.MyFloridaCFO.com and click on “Report Fraud.”

Chief Financial Officer Jeff Atwater, a statewide elected official and officer of the Florida Cabinet, oversees the Department of Financial Services including the Division of Insurance Fraud.  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.