Spent stolen funds on college sports tickets and other personal expenses
May 10, 2021 - FRESNO, Calif. — Formerly licensed insurance agent Danny Raymond Armenta, 48, of Clovis, was arraigned today in Fresno Superior Court on multiple felony counts of embezzlement, grand 
theft and diversion of fiduciary funds after allegedly using his position as an insurance agent to steal consumers’ premium payments and use them for personal expenses.
After receiving a complaint from Armenta’s employer, the California Department of Insurance launched an investigation which revealed while working as an insurance agent, Armenta collected funds from consumers to pay insurance premiums. Investigators allege Armenta deposited the consumers’ payments into a fiduciary account, transferred the funds into a business operating account, and then eventually moved $17,797 into his personal banking account. He used the stolen funds to buy college sports tickets, pay bills, and cover other personal expenses.
When Armenta’s employer attempted to withdraw the consumers’ fiduciary funds to cover the consumers’ insurance premiums, they received notices of insufficient funds. Despite Armenta’s actions, the insurance company covered the consumers’ premium payments so they were never left uninsured.
Although Armenta’s license expired on September 30, 2020, the Department revoked his license on March 1, 2021, and prohibited him from further participation in the insurance industry. Armenta is scheduled to return to court on June 23, 2021. The case is being prosecuted by the Fresno County District Attorney’s Office.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $340 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800-927-4357. Teletypewriter (TTY), please dial 800-482-4833.
Source: CA. Dept. of Insurance
