CITY NEWS SERVICE | http://www.socalnews.com/
30 March 2015 :: LOS ANGELES (CNS) - 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.