Miami Lakes, FL – Heleonel Gonzalez, a 48-year-old insurance broker and owner of Sharp Insurance Agency, has pleaded guilty to orchestrating a $6 million fraud scheme that exploited the Peach State Federal Credit Union’s P1 Finance division. This division specializes in providing loans to commercial entities, such as condominium associations, to cover property and casualty insurance premiums.
According to the U.S. Attorney’s Office in Atlanta, the scheme ran from January 2023 to January 2024 and relied on a pattern of deception. Gonzalez falsely claimed that Sharp Insurance Agency clients authorized him to apply for premium-financing loans on their behalf. To solidify his fraudulent activities, Gonzalez submitted fabricated Premium Finance Agreements and Disclosure Statements, misrepresenting that policies had been issued through Citizens Property Insurance Corporation.
Fraudulent Use of Loan Funds
Instead of allocating the $6 million loan proceeds to cover insurance premiums as required, Gonzalez diverted the funds for personal debts and expenses. Federal prosecutors emphasized that Gonzalez knowingly made false statements to influence the actions of Peach State’s P1 Finance.
Legal Consequences
Gonzalez has agreed to a plea deal that includes at least $3.5 million in restitution and the forfeiture of a Park City, Utah home valued at $749,000. Sentencing is scheduled for February 2025.
Industry Impact and Lessons Learned
This case serves as a stark reminder of the vulnerabilities that exist in premium financing systems and highlights the need for rigorous internal controls. Fraud of this magnitude damages trust within the industry, emphasizing the importance of transparency and accountability.
At Skyscraper Insurance, integrity is paramount. We’re committed to safeguarding our clients by upholding ethical practices and fostering trust in every transaction.
