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CFO Jeff Atwater Announces Arrest of Hollywood Insurance Representative for Stealing Client Funds

12/4/2014

Contact: Chris Cate
(850) 413-2842
 
TALLAHASSEE, Fla. - Chief Financial Officer Jeff Atwater today announced the arrest of Cynthia Robbins, 62, of Hollywood, on grand theft charges after an investigation revealed that she allegedly stole clients’ insurance premium payments while working for an insurance agency in Broward County.
 
The investigation, conducted in partnership by the Department of Financial Services’ Divisions of Insurance Fraud and Agent & Agency Services, addressed allegations of fraudulent and deceptive business practices by Robbins, a licensed Customer Representative. The investigation discovered that Robbins would meet with clients, collect their cash premium money and, rather than apply it to the clients’ accounts, she pocketed the money for personal use. Additionally, her job granted her access to the agency’s fiduciary funds, from which she would steal money by writing company checks to herself, also for personal use.
 
The agency’s clients did not become aware of the theft until they needed to contact the agency regarding their account and became aware that their accounts had become delinquent. Once alerted to the issue, all policies were made whole by the agency owner.
 
Robbins was taken into custody and booked into the Broward County Jail. She faces up to five years in prison if convicted. The case will be prosecuted by the Broward State Attorney’s Office. Her professional insurance license has been revoked.
 
Anyone with information about suspected insurance fraud is asked to call 1-800-378-0445. Citizens who provide tips can remain anonymous. The Department of Financial Services to date has awarded nearly $350,000 to nearly 60 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.
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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.