Marshalltown Man Sentenced for Insurance Fraud Scheme | Iowa … – Iowa Insurance Division |
Des Moines – Former insurance producer Oscar Sanchez of Marshalltown was recently sentenced in Marshall County District Court after pleading guilty to his actions in an insurance fraud scheme. Sanchez pled guilty on December 8th, 2022, to three counts of Insurance Fraud – Fraudulent Submissions (Class D Felony) and four counts of Insurance Fraud-Fraudulent Sales Practices (Class D Felony) following an investigation by the Iowa Insurance Division Fraud Bureau.
The sentence follows an investigation by the Iowa Insurance Division’s Fraud Bureau which began in September of 2020. The investigation concluded that Sanchez provided fictitious insurance documents to multiple individuals in Marshalltown and collected premium payments for insurance policies that did not exist. The investigation also found that, following a derecho, Sanchez collected illegitimate cash deductibles from insureds, which he used for his own personal gain.
Sanchez was arrested on July 26, 2021 and released after posting bond. On December 8, 2022, Sanchez pled guilty to three counts of Insurance Fraud – Fraudulent Submissions and four counts of Insurance Fraud-Fraudulent Sales Practices.
On February 3, 2023, Sanchez was sentenced for the crime of Insurance Fraud – Fraudulent Submission and received a five-year suspended prison sentence, two to five years supervised probation and was ordered to pay a $3,075 civil penalty. Sanchez was also sentenced for the crime of Insurance Fraud – Fraudulent Sales Practice and received a five-year suspended prison sentence, two to five years supervised probation and was ordered to pay a $4,100 civil penalty and $38,070 in restitution.
Iowans with information about insurance fraud are encouraged to contact the Iowa Insurance Division’s Fraud Bureau at 515-654-6556.
Photo courtesy of the Marshall County Jail.
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