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Bradenton Insurance Agent Arrested After Defrauding Client of More Than $200,000 in Annuity Payments


Contact: Ashley Carr
(850) 413-2842

BRADENTON, Fla.— The Florida Division of Insurance Fraud (DIF), which operates under the direction of CFO Jeff Atwater, today announced the arrest of Timothy T. Rush, a 38-year-old Bradenton-based insurance agent, for allegedly stealing $224,600 from an unsuspecting Port Charlotte resident; funds that were believed to have been used to purchase an insurance annuity.

In the early 2015, the Manatee County Sheriff’s Office received a complaint involving Timothy T. Rush after one of his clients suspected that the money he had been paid was not being used for the insurance annuities that Rush and his client had agreed upon. Following that initial complaint, DIF and Florida’s Division of Agents and Agency Services launched an independent investigation into the practices of Timothy Rush.

DIF’s investigation revealed that Timothy Rush was a licensed insurance agent in Florida and had been appointed to sell Bankers Life annuities. In February of 2012, Timothy Rush worked with a Port Charlotte resident to secure a Medicare insurance supplement. In addition to the Medicare supplement, the Port Charlotte client agreed make payments on a Bankers Life annuity that Rush sold to her.

The investigation went on to show that Timothy Rush opened a fictitious corporation through Florida’s Division of Corporations that was used to open a separate bank account where he illegally deposited the annuity payments from the Port Charlotte resident.  Four checks totaling $224,600 worth of insurance annuity payments were illegally diverted into Rush’s newly created bank account. While Rush processed the initial paperwork to established the annuity, all of the payments were kept for Rush’s personal benefit.

Timothy Rush was arrested and booked into the Manatee County Jail on December 30, 2015, with a bond of $100,000 and was charged with one count of an organized scheme to defraud, a felony of the first degree. This case will be prosecuted by the Office of Manatee State Attorney Ed Brodsky and if convicted, Rush will face up to 30 years in prison.

The Manatee County Sheriff’s Office also arrested Timothy Rush as a result of their investigation into the initial complaint received in the early months of 2015. For more information regarding this separate arrest, please contact the Manatee County Sheriff’s Office.

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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).