Florida investigators have charged a Key Largo insurance agent with fraud and the theft of more than $1 million from clients and premium financing companies.
Charles Cafiero, formerly the head of Cafiero Insurance Agency, is being held on $300,000 bond for charges of violating the federal Racketeer Influenced and Corrupt Organizations law, conspiracy to commit RICO violations and four additional counts of organized schemes, according to the Florida Department of Insurance, which brought the charges after a lengthy investigation.
The Insurance Department alleges that Mr. Cafiero diverted more than $1 million in proceeds from policyholders and premium financing institutions in an insurance fraud scandal that left several Florida Keys businesses uninsured before and during the 1998 hurricane season. His Sept. 14 arrest by the Tennessee Bureau of …
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