Christopher Purser has pleaded guilty to a charge related to selling fraudulent insurance policies, including one to a company that owned a tour boat which capsized in a New York lake in 2005, killing 20 tourists. Purser pleaded guilty in a Houston federal court last month to a charge of conspiracy to commit wire fraud. Authorities said Purser sold fraudulent policies from 2004 to 2006 in Texas and across the country.
One of the policies he sold was to Shoreline Cruises Inc., which operated the Ethan Allen, a boat that tipped over on Lake George in northern New York in October 2005. According to officials, none of the claims made against the policy could be paid. Purser could serve up to 20 years in prison when he is sentenced in January 19th. According to Texas regulators, associates of the companies involved are suspected of peddling millions of dollars in nonexistent insurance.
The Texas Department of Insurance in 2003 shut down what it said was an unauthorized insurance scheme that may have cost apartment owners and condominium associations millions of dollars in premiums for bogus property and liability coverage. Purser was named as a respondent in the Department’s order. In addition to Purser, other respondents named in the 2003 order were: International Property Owners Association Ltd., Mandaluyong, Philippines; UAC Ltd., Managua, Nicaragua; and Dennis Ray Hamann, Katy.
Source: Insurance Journal
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