June 16, 2021 - FRESNO, Calif. — Former insurance agent Benjamin Weldon, 45, of Exeter, was arraigned today in Tulare County Superior Court on one felony count of grand theft after allegedly using his position as an insurance agent to embezzle nearly $30,000 from his employer.
An investigation by the California Department of Insurance began after the insurance company Weldon worked for attempted to collect policyholder premium payments from Weldon’s trust account, but found the account had insufficient funds.
The investigation revealed that Weldon collected cash payments from his clients for their insurance premiums between November 2017 and August 2018, credited their policies with the payments, but did not remit the payments to the insurance company. Weldon allegedly embezzled the cash, totaling $29,494, to pay personal expenses and repay personal loans.
The Department revoked Weldon’s insurance license on March 16, 2020. He is scheduled to return to court on July 14, 2021. The case is being prosecuted by the Tulare County District Attorney’s Office.
Source: CA. Dept. of Insurance