FOR IMMEDIATE RELEASE
December 18, 2009
Contact: Jason Moon 517-335-1700
www.twitter.com/miofir

LANSING - The Office of Financial and Insurance Regulation (OFIR) has ordered a Florida man to cease and desist from the sale, solicitation, or negotiation of any line of insurance in Michigan. The agency determined that Richard Chengerian is not licensed to sell insurance in the state.

Chengerian, through an advertisement in a local newspaper, was soliciting insurance products to United Auto Workers (UAW) Local 730 employees in Grand Rapids without a proper license. OFIR has no reason to believe that any Michigan consumer has been affected by this solicitation.

"Pitching insurance products without a Michigan license is illegal," OFIR Commissioner Ken Ross said. "Consumers are reminded to check on the licensure status of anyone selling financial products. One simple phone call can prevent major headaches if the person isn't licensed or properly registered."

If Michigan consumers have any questions about an insurance agent, agency, product or company, please contact OFIR toll-free at (877) 999-6442 or online at: www.michigan.gov/ofir.

Failure to comply with OFIR's order could subject Chengerian and to one or more of the following:

• A civil penalty of not more than $25,000 for each knowing violation, not to exceed an aggregate civil fine of $250,000.
• Complete restitution to all persons in the state damaged by the violation.

A copy of OFIR's cease and desist order can be found at: http://www.michigan.gov/documents/dleg/Chengerian_CD.doc_304855_7.pdf.

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