Former Broker-Agent Charged with Multiple Felonies for Identity Theft and Forgery; More Victims Are Possible

Former Broker-Agent Charged with Multiple Felonies for Identity Theft and Forgery; More Victims Are Possible

Convicted felon uses stolen identity to secure credit card and submit bogus insurance applications

Eugene Shy-Ren Hsu, a former insurance broker-agent, was arrested by California Department of Insurance officers and charged with multiple felony counts including one felony count of grand theft of personal property in violation of Penal Code 487(a), one felony count of forgery, in violation of PC 470(a), one felony count of identity theft, in violation of PC 530.5(a), and one felony count of multiple identifying information theft, in violation of PC 530.5(c)(3), for allegedly using another agent's identity to obtain a credit card and purchase life insurance policies without consumers' knowledge, which netted him tens of thousands in commissions.

"My department regulates more than 325,000 licensed professional agents and brokers who work hard to safeguard sensitive client information," said Commissioner Dave Jones. "It is inconceivable that a former agent whose license was already revoked by my office would go to such lengths to game the system for his personal gain. I will not tolerate deceitful actions that smear the reputation of honest agents and brokers."

An investigation led by the California Department of Insurance (CDI) revealed that Eugene Hsu, owner and operator of NCP Insurance Center, allegedly stole the identity of an unsuspecting licensed California insurance agent who applied for a job with Hsu. Hsu allegedly stole the licensed agent's Department of Insurance identity in order to write several life insurance policies without the agent's knowledge.

As a result, Hsu collected more than $16,000 in fraudulent commissions on policies issued between June 25, 2010 and October 19, 2010. The individuals named on the life insurance applications had no idea a life insurance policy was purchased in their name. In addition, the investigation determined that Hsu used the licensed agent's identity to obtain a credit card with GE Money Bank and charged close to $4,000 in insurance premium charges to keep his scheme going and continue collecting commissions.

The Department of Insurance is asking anyone who responded to a job posting on from Eugene Hsu with NCP Insurance or purchased insurance from the suspect to check their credit report for unusual activity and confirm with their insurance company the validity of any policies. Consumers who have concerns or find they do not have legitimate coverage are asked to contact the Department of Insurance's Consumer Hotline at 800-927-4357.

Hsu is being prosecuted by the Los Angeles County District Attorney's office with bail set at $70,000 and faces a maximum of three years in prison if found guilty on all counts.

Click here for the booking photo and Craigslist ad placed by Hsu available. Click for Hsu's License status - Variable license inactive (non-renewed as of 2009). Life and health license revoked as of 3/15/11 following felony conviction for drug charges. Click here for the enforcement action from February 11, 2011.