For Immediate Release
Media Contact: Bob Cooper
Date: February 4, 2013
Rice Sentenced for Diverting Premium Funds for Personal Use
(Boise) – Former Farmers Insurance agent, Raymond R. Rice, was sentenced today for diverting premium funds for personal use, Attorney General Lawrence Wasden said. Fourth District Judge Thomas Neville sentenced Rice to one to five years in prison. The court suspended the prison sentence and placed Rice in the retained jurisdiction for up to 365 days. The court will determine restitution at a later date.
Rice, a 44-year-old Meridian resident, pleaded guilty on December 17, 2012, to two counts of misappropriation or diversion of fiduciary funds. During the investigation, Rice admitted that between August 31, 2011, and November 4, 2011, he took 13 customer premium payments, totaling more than $3,700, and did not deposit the money in the Farmers Insurance account. He further admitted that he used those premium monies for his own personal use.
The case was investigated by the Idaho Department of Insurance and prosecuted by Deputy Attorney General Kenneth Robins of the Attorney General's Insurance Crimes Unit.
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