A Queens-based insurance broker has been charged with fraud andgrand larceny after allegedly writing policies intended for dollar vans at lower premiums than the high-risk vehicles require.
Andrew Teitelbaum, 59, of West Hampton was arraigned on Wednesday night, said QueensDistrict AttorneyRichard Brown.
TeitelbaumranDG East Point Insurance Agency at 98-20 Metropolitan Ave. in Forest Hills, and Brown’s office said undercover investigators visited twice and purchased lower premiums for thousands of dollars in discounts. RELATED: No way of knowing how many ‘illegal’ dollar vans operate in NYC: Official City officials recently said they had no way of knowing how many illegal commuter vans, often called dollar vans, are operating; 585 vans operate legally.
The district attorney’s office said Teitelbaum also wrote policies for “friends” ofthe drivers, and cost Progressive Insurance $50,000 in claims losses.
“While the direct victim in this case is an insurance company, everyone who pays for auto insurance is also victimized with higher premiums,” Brown said.
Teitelbaum was released on his ownrecognizance and will return to court later this month. If convicted, he faces up to 15 years in prison.
Queens insurance broker charged with fraud over dollar van policies
