July 12, 2001
(617) 521-7333

Division Of Insurance Seeks Permanent License Revocation For Agent Accused Of Bilking Elderly Policyholder

(BOSTON, MA) Eddy Ekanem of Lexington was a no-show today at a Division of Insurance hearing to determine whether the 38-year old former insurance agent's license should be permanently revoked. Ekanem is accused of attempting to steal premium payments from at least one unsuspecting policyholder. Today's hearing followed a motion for summary decision filed earlier this week when Ekanem failed to respond to allegations and later failed to appear at a pre-hearing conference at the Division.

On at least six occasions since September 2000, Ekanem is alleged to have collected monthly premium payments from an elderly Somerville women who held two policies with Boston Mutual Life Insurance Company of Canton, Massachusetts. Mr. Ekanem's alleged failure to turnover the premium payments to the insurer resulted in the Somerville policyholder's life insurance terminating for non-payment of premium. The elderly woman has since had her policies reinstated by Boston Mutual Life Insurance Company.

Citing ongoing investigations in which Ekanem is suspected of stealing more than $20 thousand from other consumers in a similar manner, enforcement counsel for the Division urged that a swift decision be made in the matter, arguing that Ekanem poses a substantial risk to the public. A decision in the matter could come after July 19th.

Boston Mutual Life Insurance Company terminated its agent appointment with Mr. Ekanem in March, but the Division alleges that Ekanem continued to misrepresent himself as an agent for the insurer. Ekanem's appointment with another insurer, Inter State Assurance Company of West Des Moines, Iowa, was terminated after the insurer became aware of the allegations against Ekanem. As Ekanem was appointed by only these two insurers, he should not be engaged in the sale of any insurance products at this time.