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Insurance agent accused of pocketing $52K in premiums

Posted December 23, 2010

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— A Holly Springs man has been arrested on charges that he allegedly pocketed more than $52,000 in insurance premiums while working for a Cary insurance agency.

Douglas Lee Borsum, 62, of 1010 Holly Park Drive, was arrested Wednesday on 13 counts of obtaining property by false pretense, the North Carolina Department of Insurance said Thursday.

Investigators say Borsum worked at Insurance Group of North Carolina where he sent invoices to customers asking them to remit their premium payments to him, deposited $52,176.36 in premiums into his bank account and then issued customers false certificates of insurance.

Authorities said that they found that many clients paid Borsum in cash and later discovered they did not have insurance coverage.

Charges: Insurance agent pocketed premiums Charges: Insurance agent pocketed premiums

Nelson Torres, a stone mason, was among those swindled by Borsum. Torres said he paid in full for three insurance policies for his business. He found out he had no coverage when the insurance company told him they never got his payment. Without coverage, Torres can't work and is hoping the company can work out a way to uphold the promises Borsum made.

The Department of Insurance was trying to work with the insurer to help those victimized by Borsum, but a spokesman advised Thursday that 

Borsum was in the Wake County jail Thursday under a $60,000 secured bond.

26 Comments

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  • shortcake53 Dec 24, 2010

    What a creep. How do people justify treating others this way? He may as well have held them up at gunpoint.

  • superman Dec 24, 2010

    Lesson No. 1-- Never ever pay in cash unless you are at the grocery store. They didnt realize they had no insurance. Didnt they know the insurance company would send them a policy in the mail. They pay for coverage for a year and all they have was something he gave them? I am not surprised there are so many crooks.

  • Tax Man Dec 23, 2010

    Actually I think this guy is being nominated for Insurance Commissioner! He exemplifies the proper way to conduct insurance business in our state.

  • Tax Man Dec 23, 2010

    With an "Easley" plea he will get to keep all the money and be restricted from running for Governor for 6 months. He will have his insurance license renewed with special privileges that prevent law enforcement from ever "harassing" him again! And his donation to the NC Democrat Party will garnish him lots of "good old boy" points!

  • UPTOP Dec 23, 2010

    This guy will probably get a slap on the wrist, get out, go back doing the same thing (under another name) while on probation !

  • RB-1 Dec 23, 2010

    "...and then issued customers false certificates of insurance."

    Oh wow. Not good!!!

    Praying those he scammed can get some kind of help, cause it's not their fault either.

    And I gotta say $52,000+ is not enough money to leave town on, so why take it in the first place.

  • UPTOP Dec 23, 2010

    What happens to ppl that found out after a death and they think everything was covered, only to find out there was no insurance ?

  • DontLikeTheSocialistObama Dec 23, 2010

    Based on what Easley got for the crimes that he committed, this guy will get off without having admit any crime and not having to reimburse the people he stole from.

  • mjlt3 Dec 23, 2010

    throw the book at him! And make sure it's a "insurance book" (lmbo)

  • SaltyOldJarhead Dec 23, 2010

    10 years jail time for stealing $52K? Hah! You folks are living in a dream world. If he has a clean record, he will get a few years, suspended, and be ordered to repay the folks he stole from (which he never will).

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