The story of what really happened to Jay Trisko after being arrested for insurance fraud.
Updated: Oct 11, 2019
and why you shouldn't believe everything you read.
For starters, I want to be clear that I have accepted my role and punishment for what transpired in 2009-2011. This is by no means me justifying or minimizing the situation that occurred.
Some facts and timeline of events:
I was a partner in an insurance brokerage from 2009-2012.
We did roughly 2million dollars a year in business.
We had over 250 clients. 8 of which filed complaints with the DOI/DA.
My ex business partner committed serious misappropriation of funds.
I was made aware of the misappropriation of funds and went to the DOI (Department of Insurance) and my personal attorney.
The DOI attempted to speak to me on many occasions
I was advised by my attorney to do nothing and say nothing, which I did for 3 years.
The investigation lasted over 3 years long.
4 days prior to the statute of limitations running up I was advised that charges were being filed against my business partner and myself. (Needless to say I received very poor legal advice)
After an arrangement was made with my attorney and the DA, I turned myself in 3 days later
After 16 days in jail, my bail was finally reduced to $250,000 which was the maximum our family could afford.
MIssapropriated funds means in insurance terms that as insruance brokers we gave an oath to hold a fiduciary responsibility of other peoples money. My brokerage accepted insurance premiums, taxes, and broker fees as part of doing business. instead of all of the premium submitted, only a portion of it was given to the insurance company.
My partner who was the CFO, would retain the broker fees as he was supposed to have done, but was only sending 25-75% of the premium forward to the insurance companies.
All policies were paid. Some were only paid 50%. The complexity of what was paid for and what was not was and still is today difficult for me to comprehend fully.
What I learned of what was happening in the simplest of terms is that a portion of insurance premiums went to insurance company while others were going to business expenses such as payroll for employees, office rent, etc.
NONE of the insurance premiums were personally pocketed