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SANTA ANA (CNS) - A formerly licensed insurance agent was charged today with illegally pocketing about $37,000 in commissions from two life insurance companies.
Phong Thanh Nguyen, 29, of Garden Grove was charged with two felony counts of grand theft and insurance fraud, according to the criminal complaint. Between Feb. 1, 2019, and March 31, 2019, Nguyen took a $25,378,08 commission from Allianz Life Insurance Company of North America and a $12,075.60 commission during the same time from American General Insurance Company, according to the complaint.
According to the California Department of Insurance, Nguyen wrote nine policies in a month that lapsed prematurely once the commission was paid. Nguyen did not pay back ``any of the unearned commissions he received from this alleged scheme,'' according to the department. Nguyen remains at-large, insurance department officials said. Anyone who knows where he is was asked to call 714-712-7600.