Bristol County Insurance Company CEO sentenced to probation for stealing nearly $300,000 from customers – Fall River Reporter

BOSTON — The CEO and president of a Massachusetts insurance agency has pleaded guilty to an embezzlement scheme that left corporate clients without insurance, Attorney General Maura Healey announced today.

David G. Pietro, 67, of Sandwich, and his company, DGP-Miles Insurance Agency, of Taunton, each pleaded guilty in Bristol Superior Court to five counts of theft by embezzlement. Following the guilty pleas, Judge Daniel O’Shea sentenced Pietro to two years probation, ordered him to perform 100 hours of community service and ordered him to compensate the victims in the amount of determine. The judge also ordered DGP to relinquish its business entity insurance license, thereby preventing the company from continuing to operate as an insurance agency or producer in the industry.

“Insurance fraud and embezzlement undermine the integrity of the insurance system and can have serious repercussions for those involved,” said AG Healey. “We are pleased that this defendant has been ordered to compensate the customers, many of whom are small businesses, that his scheme has defrauded and left without insurance. We will continue to work with our law enforcement partners to hold accountable those who commit fraud and theft. »

Pietro, a licensed insurance producer and broker, collected insurance premiums from commercial clients through DGP, but repeatedly failed to pay those premiums to his clients’ insurers, as they had instructed him to do. . Instead, he tricked his clients into using their money to pay for his own business and personal expenses. As a result of the embezzlement scheme, several corporate clients saw various commercial insurance policies terminated and found themselves uninsured, as well as uncompensated for premium payments they had entrusted to DGP.

In total, Pietro and DGP stole $295,278 in insurance premiums from five commercial clients, mostly small businesses.

If any member of the public believes they have been the victim of this conduct or has information regarding others who may have been victims, they are encouraged to contact the Attorney General’s Office Insurance Fraud Tip Line at 617 -573-5330.

This case was prosecuted by Assistant Attorneys General Jared Cohen and Christopher O’Brien of AG Healey’s Criminal Bureau and Insurance & Unemployment Fraud Division, with the assistance of criminal investigator Lashauna Craig, victims’ attorney and of witnesses Megan Murphy and the Massachusetts State Police assigned to the GA. Bureau as well as investigators from the Massachusetts Insurance Fraud Bureau