The Registered Insurance Brokers of Ontario (RIBO) has revoked its certificate of registration for Daniel Anthony (Antonio) Conrado and fined him $10,000 after the broker was charged with several counts of fraud and forgery.
Based on information from Conrado’s former brokerage and from a member of the public, it was determined that Conrado manipulated files in the broker management system to produce false evidence of insurance for consumers who were not insured, he collected cash premiums from consumers and issued fraudulent insurance binders, deposited premiums into his own personal bank account and failed to forward premiums to underwriters which resulted in policies being cancelled for non-payment.
He also reportedly instructed at least one consumer to submit payment to his personal email address for deposit to his own personal bank account. News reports suggest that police have heard from at least 20 victims who say Conrado took their money but left them uninsured.
The allegations have not yet been proven in court. RIBO says it arrived at its decision after reviewing evidence including exhibits and testimony from witnesses, his former brokerage, two former clients and insurance company representatives.
