April 12, 2010
A West Monroe agent was served by Department of Insurance Fraud
Section Investigators today with a cease and desist order
and fine notice
for alleged misappropriation, misrepresentation and forgery.
Michael Chad Olinde, 37, was served by the Department of Insurance
Fraud Section Investigators today with a cease and desist order
and $5,000 fine notice.
Olinde allegedly forged signatures on applications for insurance
while working as a commissioned agent between January 2006
and April 2008. Through these fraudulent practices, Olinde
to have submitted applications with invalid bank accounts
wherein he secured approximately $4,428 in advance commission
Department records show that Olinde held a Life, Health and
Accident license from March 2000 through April 2008.
has 30 days from the time of notice to file a written demand for
an administrative hearing to contest the regulatory
taken against him by the Department of Insurance.
Donelon urges consumers who feel uneasy about any insurance related
transaction to call the Department
at 225-342-4956 or 1-800-259-5300. If callers do not
want their names used, they can request that their involvement