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A former Arkansas insurance agent suspected of swindling an insurance company for more than $211,000 has surrendered to authorities.
Joshua Eric Casada, 45, has been charged with theft of property exceeding $25,000, 11 counts of second-degree forgery, and 10 counts of committing a fraudulent insurance act, according to the Arkansas Insurance Department.
“I commend the work of investigators in our criminal investigation and legal divisions that led to the surrender of this man on multiple felony charges,” said Insurance Commissioner Allen Kerr. “Insurance fraud affects all consumers through higher insurance rates, and the department is committed to investigating and prosecuting violations of the law.”
Casada, owner of the Little Rock-based Casada Insurance Group, has been accused of submitting eleven fraudulent premium finance agreements, totaling $211,292.70, to the Imperial Premium Finance Corporation. The agreements requested premium financing on some policies taken out in the name of another insurance company on behalf of some Jefferson County farmers without their knowledge. Other agreements were for entirely fictitious entities, the Insurance Department said. The money was then allegedly deposited in the Casada Insurance Group bank account.
Casada allegedly orchestrated the fraud while operating without a license. The Insurance Department had already revoked the licenses for both Casada and his business in December.
