You might recall our story in December in which we outlined Earl O’Garro Jr.’s troubles with insurance departments across the country. Along with Connecticut, regulators from more than a dozen states had revoked or suspended the license of Hybrid Insurance Group’s CEO, who is under federal investigation.
Today, Cityline finally received a copy of the Illinois Department of Insurance‘s revocation order that was issued to O’Garro in early December. That order, provided to Cityline after a Freedom of Information Act request, revoked all of O’Garro and Hybrid’s licenses to conduct insurance business in that state, and also detailed several penalties against O’Garro.
According to Illinois, O’Garro failed to pay taxes for his surplus lines license in 2012, including a semi-annual bill of $6,315. On May 23, 2013, after O’Garro sent a $6,315 check to the department, Illinois insurance officials say they received notice that the check bounced.
“By submitting a check that was returned for non-sufficient funds, the Licensee [O'Garro] and Business Entity [Hybrid] demonstrated incompetence, untrustworthiness or financial irresponsibility in the conduct of business in this state,” the order states.
The Courant has well-documented O’Garro’s financial problems. And as we reported last week, Connecticut’s Department of Economic and Community Development awarded O’Garro a second loan in August, despite O’Garro’s history of making late payments on his first state loan.
In the Illinois order dated Dec. 2, O’Garro is asked to pay $9,812 in past due taxes and $1,813 in penalties and interest, as well as $895 in restitution to a firm, Distinct Advantage Premium Finance Company, which complained to Illinois insurance officials in October that O’Garro and Hybrid had allegedly not forwarded a premium worth nearly $900.
The Illinois insurance director also levied a $10,000 civil penalty against O’Garro, bringing the total amount to $22,520. The Illinois Department of Insurance did not immediately answer whether O’Garro has paid any of the taxes or penalties.
UPDATE: Illinois officials say that O’Garro has not paid any of the outstanding debt mentioned in the order.
Cityline has been unable to reach O’Garro, 31, after he apparently disconnected his cell phone number in recent weeks.
UPDATE: Check out this new post on more license revocations.