On Sep. 25, CAL INS announced arrest of broker re false policy.
- Peter Muh Kim and wife Jin Kim, charged for $1mn joint life insurance scam.
- Three felony counts each of grand theft, and three further of insurance fraud.
- Peter Kim, a licensed insurance agent, allegedly sold two policies to his wife.
Alleged Violations
- P Kim sold two policies, to J Kim, and listed her as both niece and beneficiary.
- During same time, J Kim bought another life insurance policy for same person.
- Falsely listed herself as sister and beneficiary of insured, Kims misrepresented
that Jin Kim related to insured, in order to show insurable interest on policies. - The Kims also did not disclose, the insured had diagnosis of a terminal illness.
- Person passed away in 2014, and insurance companies paid J Kim over $1mn.
Enforcement
- P Kim is currently booked at the Inmate Reception Center in Los Angeles while
J Kim is booked at Lynwood County Jail, had bail set at $460k for each of them.
