Kenneth Sachs: Insurance agent arrested on suspected fraud charges
1:33 PM, Jun 28, 2013
A Boynton Beach insurance agent has been arrested and charged with pocketing the money clients paid for premiums for homeowners and auto insurance.
Investigators from the Florida Department of Financial Services Fraud Division stated in an arrest report that insurance agent Kenneth Sachs, working out of his North Congress Avenue Boynton Beach office, took a total of $11,519 from his clients from June 2012 to December 2012.
Sachs told investigators that he would take his clients payments and then arrange financing though a third party premium finance company to pay for his customer's insurance policies.
The arrest reports says that Sachs stated that he was responsible for a financial output of fifteen thousand dollars a month which he was not always able to keep up with. Sachs says he fell behind and financed payments even though they were more expensive.
Investigators say that Sachs told them he took between 20 and 25 percent of all his clients payments.
He has been arrested and charged with the misappropriation of insurance funds.
Sachs has since been released from the Palm Beach County Jail