The president and CEO of an insurance agency in Massachusetts has been accused in relation to an alleged embezzlement scheme.
David Pietro, 63, and his company DGP Miles Insurance Agency of Taunton were indicted by a Statewide Grand Jury on charges of larceny over $250, five counts each. Taunton Daily Gazette reported that Pietro will be arraigned in Bristol Superior Court at a later date.
According to the office of attorney general Maura Healey, Pietro collected insurance premiums from client companies through his company DGP, but failed to remit the premiums to insurance carriers. Due to the alleged theft of these premiums, Pietro’s client companies had various commercial insurance policies canceled, and they were left uninsured as a result.
The attorney general’s office alleged that, in total, Pietro had absconded with $270,423 in premiums from client companies.
The case is being prosecuted by assistant attorney general Sara Yoffe of the attorney general’s Insurance and Unemployment Fraud Unit. She is assisted by senior financial investigator Philip Mantyla, also from the Insurance and Unemployment Fraud Unit, victim witness advocate Megan Murphy, and investigators with the Massachusetts Insurance Fraud Bureau.