Department of Insurance and Financial Services (DIFS) Issues Cease and Desist Order Against Terrell Lee Smith of Farmington, Michigan
FOR IMMEDIATE RELEASE: September 20, 2016
(LANSING) The Michigan Department of Insurance and Financial Services (DIFS) has issued a Cease and Desist Order against Terrell Lee Smith also known as “Sam” of Farmington, Michigan for selling fraudulent automobile insurance certificates through his company, SBS Agency. Smith is not licensed to solicit, sell or negotiate insurance in the State of Michigan. His insurance license was revoked on May 21, 2013.
“Consumers who have purchased what they think is insurance from Smith should verify coverage with their insurer, and obtain valid insurance immediately,” said DIFS Director Patrick McPharlin.
Smith’s resident insurance producer license, and the license for his agency, Excalibur Insurance Agency, were revoked by DIFS on May 21, 2013 after DIFS received complaints that Smith was misappropriating clients’ premium payments for personal use and was issuing fake insurance certificates.
After having his producer license and agency license revoked by DIFS, DIFS began receiving complaints from various consumers that an individual by the name of “Sam” sold them a fraudulent insurance certificate. After receiving several complaints, DIFS Investigators discovered Smith was again misappropriating client’s insurance payments and issuing fake insurance certificates.
“We remain focused on continuing our efforts to provide regulatory oversight of the insurance and financial services industries and ensure that the businesses within these industries are safe, sound, and entitled to the public's confidence,” added McPharlin.
If you feel you may be a victim, please contact DIFS at 877-999-6442. For more information about DIFS or the services provided, please visit the website at www.michigan.gov/difs, follow them on Twitter or “Like” them on Facebook.