JUNE 28, 2000
FOR IMMEDIATE RELEASE
CONTACT: CHRISTOPHER GOETCHEUS
(617) 521-7333


DIVISION OF INSURANCE REVOKES LICENSES OF AGENT FOUND GUILTY OF CRIMINAL BUSINESS PRACTICES

(BOSTON, MA) The Massachusetts Division of Insurance has permanently revoked the licenses of an insurance agent in connection with unlawfully naming himself as primary beneficiary on the annuity policy of a 75-year-old East Boston woman.

The Division's investigation of Pasquale DeTursi of Arlington began after the victim's attorney brought to the Division's attention that Mr. DeTursi was named as primary beneficiary without the policyholder's knowledge or consent.

"The fact that her attorney spotted this is very fortunate. It points out just how important it is for consumers to carefully review the policy they buy after it's issued to them," said Insurance Commissioner Linda Ruthardt.

As criminal proceedings commenced on referral from the Division, attorneys with the Division's Market Conduct section alleged that DeTursi filed three agent licensing applications, each containing a false answer. In each application, DeTursi failed to reveal that the Jackson National Life Insurance Company had terminated his agent appointment with the insurer. Division investigators also alleged that DeTursi had not maintained the qualifications of trustworthiness, competence and suitability required of insurance agents under Massachusetts law.

DeTursi waived his rights to an administrative hearing and appeal and entered into a consent agreement on June 26, 2000 that calls for the immediate and permanent surrender and revocation of all licenses to sell insurance. Failure to comply with the terms of the consent agreement will result in the Division's referral to the Massachusetts Attorney General's Office or to the proper District Attorney's office.

The Division has also notified all insurers that DeTursi had appointments with and insurance regulators in other states in which he was licensed of the criminal and administrative action taken against him.

On February 15, 2000, DeTursi pled guilty in East Boston District Court to one count of forgery of a document and one count of attempt to commit a crime and was sentenced to concurrent one year sentences that were suspended for three years.