Washington DC Securities Lawyers

AMW Insurance Group Surrenders License After Fraud Conviction

(Washington, DC) The District of Columbia Department of Insurance, Securities and Banking (DISB) announced today that an insurance agent convicted of fraud has voluntarily surrendered her license.  Under pressure from DISB, which has initiated steps to start a license revocation hearing against her, Andrea M. Washington agreed to the uncontested removal of her insurance agent’s license and the license of the AMW Insurance Group, Inc. (AMW), which she owns.  Ms. Washington also agreed to cease all insurance operations of the agency and to cooperate with DISB in its continuing investigation.
 
DISB’s action stems from a complaint filed by an insurance company alleging that Ms. Washington was pocketing premiums she collected from consumers for auto insurance without notifying the company or passing on the payments.  As a result of her actions consumers may have believed they had coverage when in fact no valid policies were issued.  After a DISB investigation that uncovered many instances of similar fraud by Ms. Washington, the case was referred to the United States Attorney’s Office for criminal prosecution.   Ms. Washington entered a guilty plea on May 20, 2004, for wire fraud. Sentencing is scheduled for August 19, 2004.

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