Insurance agent accused of stealing funds, declaring bankruptcy

The agent was accused by 14 complainants of running away with $2.1 million in unpaid loans

Insurance agent accused of stealing funds, declaring bankruptcy

Insurance News

By Allie Sanchez

A California insurance agent pleaded not guilty to the 19 counts of securities fraud with which he was charged as he faced the Riverside Superior Court Tuesday.

Fourteen complainants alleged that Pradeep Singh, the owner of Secure Vision Associates Insurance Services, took more than $2.1 million from them in loans, then proceeded to file for bankruptcy.

Inland News Today reported that Singh allegedly used the plaintiffs’ money to foot the bill for the overhead expenses and employee salaries of his Moreno Valley business, as well as pay for his personal expenses and keep other creditors and investors at bay.

Singh was also allegedly found to have been trading securities, although he was only licensed to sell accident, health and life insurance.

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