November 4, 2023 - LOS ANGELES, CA — Licensed insurance agent Vlada Cruz, 40, of Encino, was arraigned on Friday on two felony counts of grand theft after a California Department of Insurance investigation found she allegedly stole over $37,000 in insurance premiums, leaving her client’s business uninsured.

The investigation began after the Department received a complaint from one of Cruz’ clients alleging that Cruz failed to forward their collected insurance premium to the insurance carrier during 2020 and 2021. Cruz’ actions resulted in the client losing over $37,000, and left the client’s business without insurance coverage for two years.

The evidence obtained during the investigation found that Cruz intentionally embezzled two policy premium payments over two years, totaling $37,362. Cruz also issued fraudulent policy documents to her client, in order to deceive the client into believing they were properly insured. 

The Department is taking action against Cruz’ license. This case is being prosecuted by the Los Angeles County District Attorney’s Office.

The Department of Insurance investigates suspected insurance fraud and misconduct affecting California consumers. Anyone who suspects they are a victim can contact the Department at 800-927-4357 or online.

Source: CA Department of Insurance