Former New York Insurance Agent Arrested for Allegedly Stealing $648 K
Nassau County district attorney’s investigators arrested the
man, Joseph Koch, and charged his with three counts of grand larceny in the
second degree, grandy larceny in the third degree, and scheme to defraud in the
Between June 2009 and June 2011, Koch, at that time the
president of the Louis Koch Insurance Agencies Inc. in Baldwin, was paid more
than $648,000 in insurance premiums by a commercial property management
company, says authorities.
Koch stole this money for himself instead of using that
money to pay multiple insurance companies for which he was acting as their
Allegedly, Koch used the stolen money to pay for country
club memberships, Mercedes Benz car payments, gambling trips, mortgage
payments, and his income taxes.
“Mr. Koch’s theft left his client without coverage and
facing potentially serious liability issues, but all he cared about was living
the high life on somebody else’s dime,” says Nassau County District Attorney
Kathleen Rice. “It’s unimaginable that he thought he could get away with so
brazenly flaunting the theft of more than half a million dollars.”
The New York State Department of Financial Services referred
the case to the District Attorney’s Office and the arrest is the result of a
joint investigation byt the two agencies.
The defendant is presumed innocent until and unless proven
guilty and the charges are merely accusations.