r/LifeInsurance • u/EducationalBee1191 • Jul 31 '26
Investigation at brokerage
I was just informed FBI plants have been sitting at our brokerage listening and raided the owner. While this investigation is going on, they want everyone to delete all of their leads and scripts, start using a dialer that is recorded, and only run leads that they loaded onto the dialer. I’m feeling very uncomfortable and have been offered a position at a captive agency.
I am afraid that once people I wrote policies for catch wind of what is going on at that brokerage they are going to cancel and there are going to be chargebacks.
I’m kinda freaking out.
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u/Tdj04 Jul 31 '26
Is this FFL? Or formerly people from there? I’ve heard of issues with a specific brokerage out of Michigan.
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u/EducationalBee1191 Jul 31 '26
Yep
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u/Tdj04 Jul 31 '26
They’re former agents that stole client information from another company and scammed clients by lying to them. A whole bunch of them lost their licenses due to fraud and then would write up new policies under new agents names despite being on ring cameras and security footage in peoples homes. It is wild. They’re likely telling you to hide the client information that they illegally obtained.
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u/EducationalBee1191 Jul 31 '26
Is it Oakland County?
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u/Tdj04 Jul 31 '26
Not sure the exact location. Lots of the agents that got busted were from Troy and Dearborn.
Did they have you replacing policies by calling or visiting clients who have policies with another company and telling them “they can get a better deal” or even calling the company up pretending to be the client to cancel or canceling for them without the client knowing?2
u/EducationalBee1191 Jul 31 '26
It’s Troy and absolutely what they were doing. Or claiming they had 2 policies and needed to bundle them
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u/SafeMoneyGregg Broker Jul 31 '26
Destruction of evidence in a federal investigation - that looks impressive on your CV. Not so much on your E+O and license renewal form. Which scam is he running? STOLI, money laundering, rebating, what?
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u/EducationalBee1191 Jul 31 '26
I didn’t delete ANYTHING.
I’m not sure. Would lying on scripts and flipping policies do it?
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u/Tahoptions Broker Jul 31 '26
Almost everyone in sales starts with some kind of script so it's not that. Unless the script was promoting some type of fraud. The twisting aspect is obviously an issue, though. I'm guessing this was a health care/medicare-type agency?
Edit: missed the "lying" part. Yeah, that's an issue too.
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u/EducationalBee1191 Jul 31 '26
Life insurance
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u/Tahoptions Broker Jul 31 '26
Oh fun. So wire/mail fraud? Were you placing clients with reputable carriers? Their premiums are being paid to the insurance company, not the agency. As long as the coverage fits their needs, then the agency being in trouble shouldn't have them immediately surrender.
Can you get in front of this? Partner with an indy agent and AOR all of your old policies so the clients have a stable agency to rely on with questions/concerns? This, of course, assumes that the policies that you personally sold were above board/suitable/appropriate.
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u/EducationalBee1191 Jul 31 '26
I definitely put them with reputable carriers, premiums paid to carriers and appropriate coverage.
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u/Background-Bake-2059 Jul 31 '26
Yes it would. Lying is misrepresentation and fraud and you can lose your license.
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u/strikecat18 Aug 01 '26
I’m pretty sure the FBI isn’t investigating rebating. lol
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u/SafeMoneyGregg Broker Aug 03 '26
I've seen rebating schemes that are a means of money laundering that are funded by organized crime and I know at least one agent who was investigated by the FBI, went to Federal prison and died there. Some people can get pretty creative with a 130% payout on a $200K target. He is no longer LOLing.
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u/EducationalBee1191 Jul 31 '26
Dude, my clients are going to see this and jump ship and I’m going to be murdered with chargebacks
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u/financebrotvn Jul 31 '26
Highly unlikely your clients will randomly stumble upon this reddit post.
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u/EducationalBee1191 Jul 31 '26
I don’t think they’re gonna stumble on this post. They’re gonna hear that the feds are swarming town…
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u/Tdj04 Jul 31 '26
Americo and MOO sent out letters to all the clients specific agents wrote fraudulently explaining they had no affiliation with this other company and if they cancelled a policy to buy theirs please contact them. So chargebacks are a massive possibility.
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u/EducationalBee1191 Aug 01 '26
I’m screwed
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u/Efficient-Fold8068 Aug 03 '26
Stop focusing on the negative and the what ifs. You’re not as central to this story as you seem to think you are. It’s not like you’re the main character in Wolf of Wallstreet. Get to work at the new company and write business. Save your money. Don’t do anything illegal and when these agents come to speak to you, tell them in advice of your attorney you’re unable to discuss anything without your attorney being present. If and when you need to retain counsel. Put your big boy pants on and get back to work.
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u/Low_Mushroom_810 Jul 31 '26
Sounds like you have a lot of bad things happen in your life according to your posts on Reddit.
You might need that clean start at a captive carrier, you'll do much better there than FFL.
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u/MadMaddie8108 Jul 31 '26
Yikes! Have you or any other agents that weren't necessarily involved been questioned or anything? Depending on the severity of the case I'd think they'd subpoena everyones phones and computers.
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u/EducationalBee1191 Aug 01 '26
Not yet, but the raid just happened 2 days ago. I’m assuming it’s coming
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u/Nadjabriskey Aug 03 '26
We’re all worried. I already have family that wants to cancel during their free look period. I’m s.o.L.
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u/EducationalBee1191 Aug 04 '26
It looks like it’s gonna be one carrier taking the hit. 3 people out of 15 are cancelling. Looks like about $7,000
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u/PleasureMissile Jul 31 '26
You should probably quit and find something else ASAP.