A Rexburg insurance provider will serve 12 years in prison after defrauding elderly customers out of their insurance premium payments. Robert G. Price, 57, of Price Insurance Agency, plead guilty on February 15 and was sentenced on March 30 to one felony count of insurance fraud in Madison County and another in Fremont County. He was accused of accepting premium payments from eight elderly clients and not paying the insurance provider, thereby leaving his clients without insurance. In other instances, Price had accepted payments for lapsed or nonexistent life insurance policies. How, exactly, Price expected to hide his embezzlement, especially given the intimate relationships many elderly Americans have with their insurance companies, has not been announced.
According to the Idaho Attorney General, an elderly Rexburg couple testified at a preliminary hearing that Price convinced them to change their insurance policy to one they did not qualify for, and accepted payments for both. Once the couple discovered the fraud, Price refused to return the money. The eight victims in the case were all over the age of 75, and many had known Price since his youth.