For Immediate Release: October 1, 2010

Former Guilford County Insurance Agent Accused of Embezzlement

RALEIGH -- Insurance Commissioner Wayne Goodwin today announced the arrest of David Ray Hastings, 55, of 3301 Terrault Drive, Greensboro; he was charged with one count of embezzlement by an insurance agent.

Department of Insurance criminal investigators allege that on April 7, 2007, while employed as an insurance agent by United Insurance Company of America, Hastings took $2,447 in cash from a client for a loan payment and pocketed the money instead of remitting it to the insurance company.

Hastings was arrested on Sept. 29, processed in Guilford County and released on a written promise to appear in court on Nov. 3.

In 2009, United Insurance reported to the Department of Insurance's Agent Services Division that funds were missing from three weeks during which Hastings had collected premiums. After a review, Agent Services began regulatory proceedings against Hastings, and he voluntarily surrendered his license. After Hastings' employment with the insurance company ended, an insured filed the complaint that led to the current embezzlement charge.

The Department of Insurance employs 20 sworn law enforcement officers dedicated to investigating claims of insurance fraud. So far in 2010, these criminal investigators have seen more than 268 cases successfully closed with more than $18.5 million in restitution and recoveries, 54 criminal convictions and 89 arrests.

An estimated 10 cents of every dollar paid in premiums goes toward the payment of fraudulent claims. To report suspected fraud, contact the Department of Insurance Criminal Investigations Division at 919-807-6840. Callers may remain anonymous. Information is also available at www.ncdoi.com.

--NCDOI--