Former Westlake Village, Calif., insurance agent has been arraigned on multiple felony counts of grand theft, burglary, and financial elder abuse for allegedly stealing over $55,000 in clients’ insurance premiums, state insurance regulators said.
According to the California Department of Insurance, Joseph Schimmel, while doing business as Schimmel Insurance Services Inc., from December 2018 through December 2019 victimized six clients by collecting $55,564.66 in insurance premiums and failing to place the appropriate coverage. Four of the clients were seniors.
The CDI alleged Schimmel funneled their money to his own personal account and failed to purchase their insurance coverage. The alleged embezzlement left Schimmel’s clients uninsured.
The case is being prosecuted by the Los Angeles County District Attorney’s Office.
Schimmel self-surrendered Aug. 21, 2020, to the Los Angeles County Superior Court in San Fernando. Bail was set at $180,000 and he was released on his own recognizance.
The Department of Insurance filed an accusation against Schimmel on May 8, 2020. Schimmel’s license expired on June 30, 2020. He was the principal owner of Schimmel Insurance Services Inc. with license #0I67483 which expired on Dec. 31, 2019.
Source: California Department of Insurance
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