Houston Area Insurance Agent Indicted for Misapplication of Premiums

The Texas Department of Insurance reported that Darryl W. Golter, owner of the Golter Insurance Agency, formerly located in Pasadena, Texas, was indicted by a Harris County Grand Jury in Houston on the criminal offense of Misapplication of Fiduciary Property Over $100,000 and Under $200,000, a second degree felony.

Golter is accused of collecting customers’ homeowners insurance premiums intended for acquiring windstorm coverage through the Texas Windstorm Insurance Association (TWIA), yet failing to properly obtain insurance policies for the customers, TDI reported.

According to the charges, Golter collected more than $100,000 from approximately 85 customers for their TWIA premium payments, deposited these funds into his business account but did not forward the money and applications for coverage for his customers.

On Sept. 13, 2008, Hurricane Ike made landfall along the Texas coast. Many of Golter’s customers sustained hurricane damage to their homes and were left without TWIA coverage.

A second degree felony carries a maximum sentence of 20 years in prison and a minimum sentence of two years imprisonment, along with a fine of no more than $10,000.

Golter’s indictment was the result of an investigation by the Texas Department of Insurance’s (TDI) Fraud Unit and the Harris County District Attorney’s Office.

Source: Texas Department of Insurance, www.tdi.state.tx.us