The Nevada Division of Insurance has found that a Las Vegas insurance agent collected premiums from unsuspecting victims then failed to remit the funds to insurers, Insurance Commissioner Scott Kipper announced.

At a Division of Insurance hearing, Anna Velasquez, president of ABC Auto & Home Insurance in Las Vegas was found to have committed 120 violations of NRS 683A.451 and 120 violations of NRS 686A.230(1) when she misappropriated money received in the course of the business of insurance, intentionally misrepresented the terms of a contract or application of insurance and used fraudulent, coercive and dishonest practices in the conduct of business. Her licenses have been revoked, and she has been fined $90,000 for her violations.

“Any agent or broker who purposely misleads consumers will be prosecuted to the fullest extent of the law,” Commissioner Kipper said. “We will not tolerate the actions of those whose goal is to defraud, especially in these tough economic times.”

Upon receiving complaints about ABC Auto & Home Insurance – from both consumers and insurers – the Division assigned one of its enforcement officials to investigate. The investigator found a total of 120 documented instances of Velasquez failing to remit premiums from June 2007 to August 2008.

Velasquez’s actions resulted in the non-remittance of roughly $43,000, in addition to other monetary and non-monetary losses to insurers and consumers (including cancellations, claims,

Velasquez did not attend the hearing, and it is believed that she has fled the country.