Unlicensed Comp Agent Sentenced to 4 Years, $1.4M Restitution

An unlicensed insurance agent who sold workers’ compensation coverage to businesses throughout California from 2012 through 2019 was sentenced to four years in prison and ordered to pay more than $1.4 million in restitution, the state Insurance Department announced. Karyl Lynn Reed, 58, was convicted last week on multiple felony counts of embezzlement with white-collar fraud enhancements for defrauding three companies. Reed acted as an agent and despite not having a license, she collected premiums for comp coverage through companies including Envoy Business Partners and Allenn Specialt...