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Insurance Agent Scammed $2.5M From Business Owners

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Nov 3, 2008 10:05 pm US/Pacific

Insurance Agent Scammed $2.5M From Business Owners

NEWPORT BEACH (AP) ―

Click to enlarge 1 of 1: Medina used the cash that he was supposed to be investing in his clients' insurance to fund a lavish lifestyle that included houses, cars and a boat.
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A Southern California insurance agent has been sentenced to 10 years in prison after pleading guilty to a $2.5 million fraud scheme.

Prosecutors say Anthony Medina, who operated Prompt Insurance Agency in Newport Beach, received the sentence Monday in Superior Court after pleading guilty to 152 felonies.

Medina took money from small business owners between 2003 and 2007 under the pretense of obtaining workers compensation and liability insurance, but instead used the cash to fund a lavish lifestyle that included houses, cars and a boat.

He faces a restitution hearing on Nov. 12.

His wife, Vanessa Cheverri, was previously sentenced to 90 days in jail for her role in the scheme.