JACKSONVILLE, Fla. – Today, Chief Financial Officer (CFO) Jimmy Patronis announced the arrest of Reuben Bradley Dunbar for insurance fraud and organized fraud by a licensed insurance agent. Dunbar allegedly submitted fraudulent life insurance policy applications without the knowledge or consent of the named policyholder to obtain advanced commissions.
CFO Jimmy Patronis said, “Fraud committed by a Florida-licensed insurance agent is especially despicable as it breaks the important confidence consumers must have in a trusted insurance advisor. Insurance fraud like this drives up insurance rates for all Floridians, and I thank my dedicated fraud detectives for uncovering this financial scheme to prevent further victims. As your CFO, I will continue to do everything in my power to hold fraudsters accountable, and further protect the insurance consumers of Florida.”
An investigation conducted by CFO Patronis’ Bureau of Insurance Fraud revealed that Reuben Dunbar, a Florida-licensed insurance agent employed at Phoenix Insurance, Inc. filed more than 98 fraudulent life insurance policies to receive advanced commissions. The policies were written without the permission or knowledge of the purported policyholders. The insurance policy applications contained the home address, phone number and bank account number of Reuben Dunbar in lieu of the purported insureds. Once Dunbar completed the insurance policy application and submitted it to the insurer, he paid the initial premium from his bank account via electronic funds transfer. Reuben Dunbar would then receive the origination commission from selling the policy.
Reuben Dunbar was arrested and booked into the Duval County Jail. He is charged with insurance fraud and organized fraud by a licensed agent. If convicted, he faces up to 10 years in prison. Based on the charges, the Department of Financial Services, Division of Insurance Agent & Agency Services has revoked Dunbar’s agent license. Individuals charged with a crime are presumed innocent until proven guilty.