An Eden Prairie insurance producer lost his license and agreed to a fine after he bilked his employer out of $8,370 in commissions on fraudulent life insurance applications, according to a Department of Commerce order signed this month.
Primerica Life Insurance Co. fired Wesley Allen King in February after an internal review found that all 39 of the applications he submitted in the second half of 2009 contained fraudulent signatures, phone numbers and other information, the order stated. King admitted that he wrote the false policies and said he was caught up in a competition with other salespeople. King was ordered to pay a penalty of $35,000, but most of that is stayed as long as he pays $5,000 by June 2011. Read the full consent order here.
