Allen E. Weintraub of Miami, Fla., collected more than $100,000 in worthless Global hurricane insurance premiums he sold to at least 45 consumers.
Weintraub was booked into the Miami-Dade County Jail on 45 counts of grand theft and 45 counts of transacting insurance activity without a certificate of authorization, in addition to one count of organizing a scheme to defraud. Bond was set at $510,000.
Weintraub used licensed agents to sell his bogus policies to homeowners and businesses. In one case, the agent canceled legitimate insurance and switched to a Global Insurance policy.
Weintraub’s arrest, at his multi-million dollar home in Golden Beach, follows on the heels of recent action taken against him by the Securities and Exchange Commission, which ordered him to pay more than $1 million in restitution and fines.
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