A Rochester, N.Y., couple was arrested Tuesday for allegedly defrauding clients of their brokerage, New York Attorney General Eric Schneiderman has announced.
Gary and Bonnie Gubiottie have been accused of inflating premiums, failing to remit refunds and forging financial agreements between 2011 and 2014, according to the Rochester Democrat & Chronicle. The Gubiottis and their firm, the Gubiotti Agency, were charged in an 11-count indictment with grand larceny, criminal possession of a forged instrument, insurance fraud and scheme to defraud, the Democrat & Chronicle reported.
According to the Democrat & Chronicle, the couple is accused of submitting forged instruments to a finance company in the name of one of their corporate clients, fraudulently obtaining thousands of dollars. They’re also accused of failing to make payments on the client’s insurance policies; instead, they allegedly kept more than $47,000 in premiums for themselves.
The attorney general’s office also accused the Gubiottis of falsely inflating another client’s insurance premiums, pocketing more than $108,000 in surplus payments and failing to remit an insurance refund of more than $12,000. They also allegedly forged client signatures on policy and financing applications.
The attorney general’s investigation is ongoing, according to the Democrat & Chronicle. If convicted, the Gubiottis face up to 15 years each in prison.
