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James J. Wrynn    Superintendent of Insurance    25 Beaver Street  New York, N.Y. 10004

ISSUED 3/04/2010 FOR IMMEDIATE RELEASE

EX-INSURANCE AGENT ARRESTED FOR STEALING PREMIUMS

Investigations into complaints lodged by two property owners led to the arrest Feb. 8 of a former insurance agent accused of stealing $15,400 in premiums he was paid for commercial property and casualty policies.

State police arrested Emil Feduniec, 52, of Consulate Drive, Tuckahoe, Westchester County, following investigations by the New York State Insurance Department’s Frauds Bureau and Consumer Services Bureau.

Feduniec is accused of leaving his customers exposed to liability when he failed to remit premiums for coverage. One of the property owners lost $25,000 as the result of damage that occurred to the roof of a commercial structure he paid Feduniec to insure.

Feduniec collected premiums from the property owners in 2008 and 2009, but never paid the money to the insurance wholesaler with whom he arranged to place policies with three property/casualty insurers. The policies were subsequently cancelled. Feduniec’s license to sell insurance expired in 2008 when he failed to renew it.

Investigators began looking into Feduniec’s activities after four of his customers contacted the Insurance Department’s Consumer Services Bureau. They complained that Feduniec failed to respond to inquiries when they contacted him asking for information about their policies.

Feduniec was charged with grand larceny, a felony, and could be sentenced to up to seven years in prison if he is convicted. A hearing will be scheduled in Westchester County Court.

The case is being prosecuted by the office of District Attorney Janet DiFiore.

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