Texas Insurance Agent Sentenced for Pocketing Nearly $300K in Premium Overcharges

A Texas insurance agent has been sentenced to five years in federal prison after a fraud investigation uncovered that he kept nearly $300,000 in insurance premiums meant for a surety bond. Carlyle Poindexter, the agent in question, pleaded guilty to conspiracy to commit wire fraud and was also fined $50,000. The charges stem from a long-running scheme involving inflated premium charges to a local government entity.

The investigation by the Texas Department of Insurance (TDI) Fraud Unit, in coordination with the FBI, revealed that Poindexter and another agent, Jose Jaime Rodriguez, arranged a surety bond for the Maverick County Solid Waste Authority (MCSWA). The bond, originally valued at $2.9 million and later increased to $3.8 million, was required for MCSWA to operate a landfill. Between 2012 and 2018, Poindexter charged the authority over $712,000 in premiums, while only passing $329,000 to the bond issuer, Lexon Insurance Company.

Poindexter claimed the excess funds were for additional fees but failed to provide documentation showing MCSWA had agreed to such charges. TDI investigator Chris Yates, who brought in the FBI for support, called the act ‘flat-out theft of taxpayer money.’ Lexon reported the suspected fraud to TDI in 2017 after discovering irregularities in billing.

As a result of the investigation, TDI revoked Poindexter’s insurance license in 2020. Rodriguez’s license was suspended for two years. Both were ordered to pay restitution to MCSWA. The case underscores the importance of vigilant premium oversight and transparent accounting in public-sector insurance arrangements.