Grimes Insurance Agent Charged

posted by WMT News / KCRG-TV9 -

DES MOINES, Iowa (KCRG-TV9) — A judge has sentenced a former insurance agent in Grimes to a six year suspended prison sentence for theft and fraud charges.

Nicholas Menough pleaded guilty on May 23 to 3rd degree theft, identity theft, and 3rd degree fraudulent practices. The judge also sentenced to two years of probation, a $1,875 fine, and restitution.

The Iowa Insurance Division's Fraud Bureau determined Menough engaged in falsifying insurance policy applications and altering financial documents in order to receive additional sales commissions and bonuses of more than $10,000.

Investigators said Menough, without authorization, entered his customers' personal identifying information on insurance forms and electronic funds transfer documents, and forged customer signatures. They said Menough tried to conceal his scheme by paying the fraudulent insurance premiums from his personal account.

Menough forfeited his Iowa resident insurance producer license in August 2017. He is barred from applying for insurance licensure.

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