Gregory Magedman was charged with one felony count of grand theft by embezzlement.
A Fullerton man was charged on Monday, April 10, for his suspected role in acting as an insurance agent without a valid license and pocketing unearned premiums from cancelled policies.
In November 2011, Magedman, 77, was issued a suspension order by the Department of Insurance because of a criminal investigation. He pleaded guilty in 2012 to one count of grand theft and his insurance license was revoked by the state insurance agency. A victim had purchased a commercial liability policy for their truck and trailer from Magedman, providing him with the down payment and financing the policy with a premium finance company, according to the Insurance Department. The insurance company’s managing general agent received the financed premium portion of the policy, but the policy was cancelled after Magedman failed to submit the retail broker’s portion of the premium — leaving the victim uninsured.
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