For Immediate Release
Media Contact: Bob Cooper
(208) 334-4112

Date: March 30, 2005

Price Sentenced for Insurance Fraud

(Boise) - Robert G. Price, 57, of Rexburg, was sentenced for one count of insurance fraud in Madison County and one count of insurance fraud in Fremont County, Attorney General Lawrence Wasden said. Seventh District Judge Brent J. Moss ordered Price to serve up to seven years in the Madison County case and up to five years in the Fremont County case. The two sentences will run consecutively. The court retained jurisdiction for 180 days.

Price, of Price Insurance Agency, pleaded guilty on February 14, 2005, to one felony count of insurance fraud in Madison County and one felony count of insurance fraud in Fremont County.

Price was accused of misappropriation of insurance premium funds and insurance fraud by accepting insurance premium payments from elderly clients and not paying the insurance provider, thereby leaving his clients without insurance.

An elderly Rexburg couple testified at a preliminary hearing that Price convinced them to change their insurance policy to one they did not actually qualify for and accepted payment for the new policy. The husband has Alzheimer's disease and did not qualify for the insurance policy Price had sold them, leaving the couple without insurance coverage. Once the couple discovered the fraud, Price refused to return the money they had paid for their first premium.

In other instances, Price accepted premium payments for life insurance policies that had since lapsed.

The eight victims in this case were all elderly victims over the age of 75 and many of the victims had known Price for his entire life.

The case was investigated by Don Roberson and Karen Wright, investigators for the Idaho Department of Insurance. The Special Prosecutions Unit of the Attorney General's Criminal Law Division prosecuted the case at the request of Madison County Prosecuting Attorney Sid Brown. Deputy Attorneys General Kenneth F. Stringfield and Ken Robins prosecuted the case.

- End -

News by Year: