RELEASE: Insurance Broker Sentenced for TheftPosted on Dec 21, 2016 in News Releases
DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
DAVID Y. IGE
CATHERINE P. AWAKUNI COLóN
GORDON I. ITO
FOR IMMEDIATE RELEASE
December 21, 2016
INSURANCE BROKER SENTENCED FOR THEFT
HONOLULU – State Circuit Judge Colette Garibaldi sentenced David Low to suspended jail and an order to pay restitution in the amount of $994,138.34 to nine different victims.
Mr. Low was a licensed insurance agent but marketed himself as a financial manager and investment expert. He pleaded no contest to one second-degree theft charge for the sale of a Rolex watch on eBay but not delivering it, and 11 counts of first-degree theft for personally spending hundreds of thousands of dollars collected from clients to purchase life insurance annuities on himself.
Over the objections of the prosecution, the court granted Mr. Low’s request for additional time to pay restitution despite numerous postponements of sentencing to finalize business deals in order to pay back his victims. As of the court date on Wednesday, Dec. 14, 2016, Mr. Low had not made any payments but promised to pay $15,000 by the end of last week.
“After years of sentencing postponements to provide time for Mr. Low to acquire the necessary funds to pay restitution, he has yet to pay anything to the victims. I don’t believe justice has been served given the severity of the crimes and the injuries to the victims,” said Insurance Fraud Administrator Colleen Chun. “We are disappointed by the leniency of the sentence imposed.”
To report suspicious activity or for more information on insurance fraud, call the Insurance Fraud hotline at (808) 587-7416.
The Hawaii Insurance Division oversees the Hawaii insurance industry; issues licenses; examines the fiscal condition of Hawaii-based companies; reviews rate and policy filings; and investigates insurance related complaints.
Department of Commerce and Consumer Affairs
Phone: (808) 586-7582
Cell: (808) 389-2788