Authorities are searching for an insurance salesman from far northwest suburban Huntley accused of collecting money for cancelled policies.
A total of 29 charges have been filed against Russell Palermo, 46, of the 11300 block of Douglas Avenue. The charges stem from a six-month long investigation into allegations the local insurance broker allegedly committed fraud.
Detectives searched the agency last October and seized several documents along with computers after complaints from customers. Arrest warrants were issued for Palermo on Feb. 15. Officers unsuccessfully attempted to serve the arrest warrants, and Palermo remains at large.
The agency has since closed, and investigators believe that he has fled the area, according to Deputy Chief Todd Fulton. He is not considered dangerous.
Residents reportedly approached investigators in September claiming Palermo had been charging them insurance premiums with no policy in place, according to the Huntley Police Department. Palermo is the owner and operator of Huntley-based Palermo Insurance Agency, which provides both business and personal insurance policies through several different providers.
Two customers reportedly came forward after they noticed suspicious activity on their accounts with Palermo Insurance Agency, authorities said. Another resident became suspicious after Palermo allegedly took money as a down payment for an insurance policy the company had no record of being made.
A local real estate owner who reportedly purchased business insurance from the agency in 2006 also discovered Palermo?s insurance license was revoked in 2009, which would have prevented him from legally selling or obtaining policies for customers. The premiums for which the customer had been paying had allegedly been canceled in 2007 for non-payment.
Charges include 10 felony counts of financial responsibility, nine misdemeanor counts issuance of insurance with a license, four misdemeanor counts of financial responsibility, three felony counts of theft, a felony count of deceptive practice and a misdemeanor count of unlawful use of weapons.
The weapons charge stems from a knife seized during the search of the business, Fulton said.
The investigation is ongoing.
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Source: http://triblocal.com/huntley/2012/02/28/huntley-insurance-salesman-wanted-for-fraud/
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