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Insurance commissioner suspends Westland's brokerage license: owner investigated for misappropriated funds, allegedly exceeding $1m.

Publication: San Diego Business Journal
Publication Date: 23-FEB-09
Format: Online
Delivery: Immediate Online Access
Full Article Title: Insurance commissioner suspends Westland's brokerage license: owner investigated for misappropriated funds, allegedly exceeding $1m.(Special Report)(Westland Insurance Brokers)

Article Excerpt
California Insurance Commissioner Steve Poizner suspended the brokerage license of Westland Insurance Brokers and prohibited owner James Sim from engaging in the sale of insurance, allegedly because he took premium funds for his personal use.

In an order signed Nov. 26, and posted on the state Department of Insurance's Web site in December, Sim was found to have "received premium funds in a fiduciary capacity and did thereafter unlawfully divert and appropriate those funds to his own use or the use of Westland...

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