Former Sioux City insurance provider has license revoked after pleading guilty to fraud
SIOUX CITY (KTIV) - A Sioux City man’s insurance license was revoked earlier this month.
On Thursday, March 13, the insurance license of 20-year-old Dallas Schwarz was revoked after surrendering it on Thursday, July 27, 2023, according to the Iowa Insurance Division.
The insurance division says Schwarz was a residence insurance producer in the state of Iowa in 2023.
Schwarz lost his license after pleading guilty to one count of insurance fraud, according to court documents. Schwarz also waived his rights to a speedy and public trial by jury.
Schwarz was originally charged with the following:
- One count of Insurance Fraud - Presenting False Information
- One count of Forgery
- Fraudulent Sale Practices under $10,000
- Theft in the 5th Degree
Court documents reveal Schwarz received a deferred judgment for the first charge, while the rest were dismissed by the court. Under Iowa law, a deferred judgment involves the accused getting probation after pleading guilty. If Schwarz violates his three-year-long probation, he could be resentenced.
Records reveal Schwarz’s loss of license originates from an incident that took place in 2023.
While working as an insurance agent for Washington National Insurance Company, Schwarz reportedly was the agent for 70-year-old Randy Ramsey and his wife Delores of Corning, Iowa. Documents say the Ramseys purchased an accident injury policy through the insurance company.
Court documents say Schwarz was supposed to deliver to the Ramseys a check worth $13,256, as part of their policy’s return of premium benefit. Instead, they were only given $7,500.
The Iowa Insurance Division says Schwarz then attempted to cash in a check from the Ramseys’ account for $5,756 at Iowa Savings Bank in Lenox, Iowa.
Suspicious of his behavior, the bank did not cash the check and put a seven-day hold on the funds. After Schwarz left the bank, the vice president of the bank called Delores Ramsey who told them she never wrote a check to Schwarz.
Two days later, Schwarz was interviewed by the insurance company’s investigators, according to records. During a second interview with the unit, Schwarz claimed he suffers from multiple personality disorder and “blacked out” during the incident.
Washington National Insurance Company terminated Schwarz’s employment on Aug. 17, 2023.
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