Connecticut Man Charged in Scheme Involving Fake Life Insurance Premiums

A former Connecticut insurance producer, Ian Pierce, faces multiple criminal charges including larceny and forgery for allegedly defrauding clients by collecting premiums for fake or lapsed life insurance policies. Pierce, whose insurance license was revoked in June 2021 following allegations of misappropriating client funds, is accused of misrepresenting his employment status and continuing to collect payments from clients under false pretenses.

At least seven victims reportedly paid premiums for nonexistent policies, resulting in lapses of legitimate insurance coverage. Investigators also found evidence of other fraudulent activities such as the sale of fake certificates of deposit (CDs) and forged financial documents. In addition, Pierce allegedly convinced victims to take 401k loans and provide funds under false pretenses related to protecting against regional bank instability. Losses reported by victims vary, with some individuals losing tens of thousands of dollars. Law enforcement seized multiple pieces of evidence, including forged correspondence and phony identities used by Pierce.

He remains free on bond pending court proceedings scheduled for August 7 in Rockville Superior Court. This case highlights risks related to insurance fraud, criminal impersonation, and the importance of regulatory oversight to protect consumers and maintain industry integrity.