A former insurance agent pleaded guilty Thursday to theft and securities fraud.
Officials said Michael A. Cox, of Powell, committed theft when he continued to accept insurance premiums from past clients after his license was revoked by the Department of Insurance on July 23, 2009.
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His clients believed that they had insurance coverage since they were making payments to Cox, but there was no actual policy in place. Cox used the funds for his personal use.
Cox committed securities fraud when he illegally obtained more than $41,000 in investment funds for his insurance agency, The Mac Agency, LLC. He sold some stock shares after his insurance license had been revoked.
Instead of investing the money, Cox funneled the investor’s funds to his personal accounts and created financial statements containing materially false information about the insurance company.
Cox is scheduled to be sentenced on April 13.
