Additional Grand Theft Charges Filed Against Orange County Insurance Agent
Contact: Ashley Carr
ORLANDO, Fla. – The Florida Division of Insurance Fraud (DIF), which operates under the direction of CFO Jeff Atwater, today announced that additional charges have been filed against Orange County insurance agent Mario Ferreri, owner of Orlando-based Financial Management Resources. After being arrested last year for allegedly stealing more than $1,000,000 from his clients, Ferreri is in the spotlight again as another victim has come forward in suspicion that a $95,000 check intended for an annuity payment may have also been stolen by the insurance agent.
In February 2013, the Department’s Division of Agent and Agency Services received a complaint from Lincoln Life Insurance Company stating their suspicions that Ferreri had stolen two of his client’s insurance premium payments and used the money for his personal benefit. After an extensive review, the case was referred to colleagues in the Division of Insurance Fraud due to its criminal nature.
DIF’s investigation revealed that Ferreri had gained the trust of two of his clients and convinced them to make their premium payment checks payable to one or more of Ferreri’s companies instead of their respective insurance companies. By doing so, Ferreri claimed that he would be better able to manage their investments. It wasn’t until the clients individually contacted their insurance carriers that they realized their payments had not been received.
On December 5, 2014, Ferreri was arrested and booked into the Orange County Jail on two counts of a scheme to defraud more than $50,000 where he is still currently being held on a bond of $250,250. An additional second degree grand theft count has been added along with an added bond amount of $200,000. The case will be prosecuted by the Office of Orange County State Attorney Jeffrey L. Ashton and if convicted, Ferreri faces up to 30 years in prison.
Detectives believe there may be others Ferreri has defrauded. If you or someone you know feels that they are victims of fraud as the result of the deceitful practices of Mario Ferreri and his company, Financial Management Resources, call DFS’s Fraud Tip Hotline immediately: 1-800-378-0445.
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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. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).