Insurance Agent Sentenced After Stealing Premiums

TDI Investigation Leads to Prison Time

A Texas Department of Insurance (TDI) investigation resulted in federal prison time for former insurance agent Carlyle Poindexter, who overcharged nearly $300,000 in insurance premiums. He pleaded guilty to conspiracy to commit wire fraud in August and received a five-year prison sentence along with a $50,000 fine.

How the Scheme Began

In 2012, the Maverick County Solid Waste Authority (MCSWA) needed a surety bond to obtain a state permit for landfill operations. Local independent insurance agent Jose Jaime Rodriguez was asked to secure coverage and contacted Poindexter. Together, they placed a $2.9 million bond with Lexon Insurance Company, which later increased to $3.8 million.

Overcharging and Hidden Fees

Over a six-year period, Poindexter billed MCSWA $712,350 in premiums but sent only $329,313 to Lexon. He kept nearly $300,000 in addition to the $82,532 that he and Rodriguez received in commissions. Poindexter claimed the extra charges were fees, but he failed to provide evidence that MCSWA had approved them.

Fraud Uncovered

Lexon Insurance Company discovered the overbilling and reported suspected fraud to the TDI Fraud Unit in 2017. Investigators confirmed that Poindexter and Rodriguez disguised the stolen money as legitimate fees, directly impacting taxpayers. The FBI was also involved in the investigation, working closely with TDI to address financial crimes in South Texas.

Disciplinary Actions and Restitution

In 2020, TDI’s Enforcement Division revoked Poindexter’s insurance license and suspended Rodriguez’s license for two years. Both were ordered to pay restitution to MCSWA for the stolen funds.

How to Report Insurance Fraud

The TDI encourages Texans to report suspected insurance fraud. Anyone with concerns can call the TDI Help Line at 800-252-3439, Monday through Friday, between 8 a.m. and 5 p.m. Central time.