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Thomas Muglicco of Donaldsonville has been booked on 25 counts of theft and 25 counts of misappropriation of insurance premiums. Authorities believe 354 customers of ABBCO Insurance Agency paid automobile premiums to Muglicco … premiums which took a detour to his pocket. ABBCO wrote for Safeway of Louisiana, Transamerica Group, Patterson Insurance Company, Interstate Fire and Casualty and Clarendon National insurance Company.
Muglicco was a case of small potatoes compared to New Orleans agent, Frank Salvadore Romano. Even though his license to sell insurance was suspended in July 1997, and he was ordered to cease and desist from the sale of insurance, Romano ignored the order and continued to sell insurance and pocket the premiums. Several clients, believing they were policyholders, found out they had no coverage after serious losses. Authorities call it one of the most blatant cases on record.
Similar, is the case of Ponchatoula husband and wife agent team Jerry and Katie Morgan. The Jerry Morgan Insurance Agency operated for 33 years. Authorities believe premiums were misdirected during the recent past and never reached the company. The couple has been arrested.
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