Wisconsin OCI Orders $584,995 in Restitution from Agent
Agent is required to pay $632,000 in additional forfeitures
Madison, WI—After an extensive investigation by OCI, Wisconsin insurance agent Sarah E. Laux has been accused of misappropriating funds, making misrepresentations about insurance policies, and offering consumers benefits not included in the insurance policy as an inducement to sale. The restitution and forfeitures were the result of a default judgment against Ms. Laux.
OCI releases a monthly administrative action report that details all the actions taken by OCI against agents and insurers. This particular administrative action was notable for its size and complexity.
"OCI Staff Attorney Robin Jacobs worked with the victims in this case to ensure Ms. Laux could not prey upon any more unsuspecting consumers. This order is the result of Ms. Jacobs' hard work and the hard work of many other people inside and outside the agency," stated Insurance Commissioner Ted Nickel. "We're hopeful that this case will serve as a warning to others who are considering misappropriating consumer funds or misrepresenting policies."
In addition to the $584,995 in restitution, Ms. Laux has been ordered to pay a $32,000 forfeiture within 31 days and an additional $600,000 forfeiture in 60 days. Her insurance license has also been revoked.
Final Decision and Order