An insurance agent from Glenside created hundreds of phony policies to make over half a million dollars in commissions, prosecutors said.
Dennis Wright, 42, allegedly ran a yearslong scheme that involved forged signatures, shell companies and money laundering. According to Pennsylvania Attorney General Dave Sunday, who charged him with insurance fraud Monday, he generated 332 fake policies using clients' personal information without their permission. Wright is accused of swindling $603,000 from National Guardian Life Insurance in the process and funneling the money through businesses he created.
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"This defendant betrayed clients and dishonored his position to line his own pockets when he was trusted to make insurance arrangements that would have provided peace of mind and financial security for Pennsylvanians," Sunday said in a statement. "Insurance fraud is far from a victimless crime, and my office takes it very seriously."
Prosecutors also charged Wright with felony theft by deception, identity theft and other crimes at his arraignment Monday. His bail was set at $100,000, which he posted.
Wright's next hearing is scheduled for Wednesday, April 23.
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