News from New York State Insurance Department

For more information contact: Ron Klug, 212-480-2285

Insurance Agency Owner Sentenced to Two Years Probation

NEW YORK, NY (09/13/2007; 1054)(readMedia)-- The owner of a Tonawanda insurance agency was sentenced on Aug. 29 to two years probation with six months home confinement for diverting $132,000 in customers’ insurance premiums to prop up his failing business, the New York State Insurance Department reported.

Michael Maney, 62, of 6371 Bridlewood Dr., East Amherst, was sentenced in U.S. District Court in Buffalo. Maney, who had operated Upstate Agency Services Inc. of Tonawanda, was also sentenced to pay full restitution. He pleaded guilty in May to misappropriation of insurance funds following an investigation by the U.S. Postal Inspection Service, the FBI and the Insurance Department’s Frauds Bureau. David A. Hahn investigated the case for the Insurance Department.