Boston broker off to prison

Brokerage owner bilked Aetna of millions; when they started asking questions she lawyered up and now it’s off to the Big House

Insurance News

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She lost her business, she’s going to prison for 3 years, and she still owes Aetna nearly $8 million. Bonnie Hebert’s trail of tears is a long one.

Before starting her own agency Academic Risk Resources and Insurance, she worked for two other firms—Marsh & McClennan and Wells Fargo-- both of which sued her as she left.

It was at her own Boston firm, though, where she hit her stride, landing a huge contract to provide health insurance for the students of Rutgers University, a contract with premiums of up to $10 million a year and more.

She sweet-talked Rutgers into paying her firm directly with the understanding that she would then pay Aetna. Turns out, she didn’t always pay Aetna, at least not as much as was due. According to multiple news accounts, she used the money to defend lawsuits filed against her by prior employers, cover losses in other parts of her business and enhance her lifestyle.

All told she defrauded Aetna out of more than $10 million.
 

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