An administrative law judge has fined a former Thornton man $1.2 million for violating Colorado insurance law, one of the largest in state history handed down to an insurance agent, according to the Division of Insurance.
Salies Kwann Perry was also fined $4,678.47 in restitution for Bankers Life and Casualty Company. Perry is accused of committing unfair trade practices and fraud. His whereabouts are unknown.
The case dates back to early 2010, when Bakers Life notified the Colorado Division of Insurance that Perry had submitted about 50 fraudulent applications for life insurance in 2009 and 2010. Those applications included false social security numbers, addresses and bank account numbers and were submitted to receive advanced commissions from Bankers Life.
The division also found that Perry failed to disclose his criminal background in his application for a Colorado agent license. His license was suspended in November. In the June 24 decision, the judge also permanently revoked Perry’s license and found him guilty of committing 416 violations of the state’s insurance laws.
Paula Sisneros, director of the Division’s Compliance and Investigations Section, praised the work of the Bankers Life investigations staff.
“They identified a potential problem very quickly, did a thorough and detailed investigation, and brought the matter to our attention at the Division of Insurance so that we could take appropriate steps to protect Colorado consumers,” Sisneros said.