A licensed insurance broker-agent is accused of stealing more than $500,000 from programs managed by his employer, including $100,000 from the Los Angeles Unified School District, the California Department of Insurance reported.
Arthur Cade, 60, worked for DACM Project Management, also known as Dugan &Associates, controlling funds for programs the company managed, including LAUSD’s rewards and recognition program, established to influence safe behavior and management on new construction sites for the LAUSD, the Department of Insurance said in a statement.
Cade allegedly stole more than $100,000 from the school district program and $400,000 from other funds run by DACM, according to insurance officials. The theft was uncovered after an employee noticed bank transfers to Cade’s personal account, they said.
“No matter what form insurance fraud takes, it harms insurers, consumers and California’s economy,” said Insurance Commissioner Dave Jones. “Thanks to the combined efforts of the Department of Insurance and the Los Angeles County District Attorney’s office, we were able to stop the alleged theft from this program.”
Cade was arrested last week and released Friday after posting $318,000 bail. He faces up to 12 years in prison if convicted.
—City News Service
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