Insurance Agent Gets 7 Years' Probation After Pleading Guilty to Fraud

Wednesday, March 10, 2021 | 0

Jeffrey Alan Reichel
(State of Ga. photo)

A Georgia insurance agent has been sentenced to seven years of probation after pleading guilty to insurance fraud, according to local media reports.

Jeffrey Alan Reichel, 62, of Suwanee, also must pay $26,000 to his victims. Prosecutors say Reichel tricked them into thinking they had workers’ compensation coverage while he pocketed their payments, Atlanta news station FOX 5 reported.

For two years, law enforcement officials investigated Reichel’s companies, Core Business Services Inc. and Ironclad Insurance Agency, which he operated from his home, according to FOX 5.

The news station reported that investigators began looking into Reichel’s companies after customers said he convinced business owners they had workers’ comp coverage while they were actually uninsured.

A grand jury indicted Reichel in December 2019 on multiple counts of felony insurance fraud and theft by deception, the news station reported.

While Reichel was out on bond, prosecutors said they received additional complaints that he was continuing to defraud customers.

A second grand jury charged Reichel with additional counts last month before he finally pleaded guilty, the news station reported.