December 6, 2002
FOR IMMEDIATE RELEASE
CONTACT: CHRISTOPHER GOETCHEUS
Division of Insurance Fines And Revokes License of Waltham Insurance Broker Charged With Theft of Premium
(Boston, MA) Waltham insurance broker James J. Falzone was removed from the business of insurance this week following a Division of Insurance enforcement hearing which found he lacked the trustworthiness and suitability required to remain licensed as an insurance agent and broker in the Commonwealth. In addition to being barred for life from the insurance business, Falzone was fined a total of $2,000.00 by the Division of Insurance.
An investigation found that Falzone, 63 of Waltham, failed to place insurance coverage for a Watertown taxi business despite collecting $2,900.00 in premiums from the taxi company over a four month period. A Division hearing officer ruled that Falzone's conduct constituted "unfair and deceptive acts or practices" in violation of M.G.L. c. 176D.
According to the decision, Falzone's actions "caused the company to be dangerously exposed to liability, and left the company and its patrons, as well as the general public, ill protected from loss." Falzone was also found to have falsely answered a license application when he failed to disclose a February 2000 conviction in Waltham District Court for insurance agent/broker fraud. Enforcement attorneys Joseph P. Sullivan and T. Jane Gabriel represented the Division. The presiding hearing officer in the matter was Susan H. Unger, Esq.