InsuranceTek, Inc.

Snohomish, WA 2003--2021 Insurance Agencies

DOJ FBI Washington State Office of the Insurance Commissioner Premium Theft Wire Fraud Fictitious Insurance Certificates

Penalty

$273,137

Outcome

Vicki Boser, owner of InsuranceTek Inc., was sentenced to 2 years in federal prison and ordered to pay $273,137 restitution to 8 victims for a wire fraud scheme in which she pocketed insurance premium payments from small business clients across multiple states and issued fraudulent certificates of insurance to cover the theft.

Details

InsuranceTek, Inc. — Premium Theft and Fraudulent Insurance Certificates (Multi-State, 2003–2021)

Outcome: Vicki Boser, 58, owner and operator of InsuranceTek, Inc. in Snohomish, Washington, was sentenced in 2021 to 2 years in federal prison and 3 years of supervised release, and ordered to pay $273,137 in restitution to eight victim companies or insurance brokers, for a wire fraud scheme in which she pocketed premium payments from small business clients and issued fraudulent certificates of insurance.

Vicki Boser founded InsuranceTek, Inc. in 2003 and built a specialty practice helping small businesses in high-risk fields obtain insurance policies. Over the following years, Boser used her trusted position to execute a premium theft scheme against her clients: she collected insurance premium payments from client companies, pocketed the funds for personal use (primarily to support a gambling habit at area casinos), and then provided clients with fraudulent certificates of insurance referencing policies that either did not exist or were not properly funded.

The scheme affected clients across multiple states, including businesses in Illinois, Ohio, Tennessee, and Texas — demonstrating that the geographic reach of a small independent agency owner can extend far beyond their home state through remote client relationships. Boser pleaded guilty to wire fraud in August 2021.

The investigation was conducted jointly by the FBI and the Criminal Investigative Division of the Washington State Office of the Insurance Commissioner. The coordination between federal and state insurance regulatory investigators is typical in premium diversion cases, as the state insurance commissioner has authority over licensing and market conduct while the FBI handles the federal wire fraud charges.

The restitution of $273,137 was ordered payable to eight identified victims — eight companies or insurance brokers that had been defrauded. The relatively modest monetary loss compared to the premium amounts collected reflects the difficulty of tracing all victim payments and quantifying uninsured periods.

Primary Source: DOJ WDWA — Former Insurance Agent Sentenced for Wire Fraud

How Crucible Prevents This

An independent policy verification system that confirms policy binding directly with carriers — not relying solely on agent-provided documents — would have caught the fraudulent certificates of insurance early. A client onboarding and renewal audit workflow requiring periodic confirmation of active coverage from the insurer (not the agent) is a control that WalkerNash compliance tracking would enforce through automated reminders. The multi-state client base and long duration suggest no systematic carrier confirmation process was ever in place.

Source: Former Insurance Agent Sentenced to Prison for Wire Fraud Scheme That Defrauded Clients Across the U.S.

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