An insurance company president faces up to 15 years in prison after police charged him with stealing more than $648,000 in insurance premiums, according to Nassau County District Attorney Kathleen Rice's office. An investigation by two agencies produced evidence that Joseph Koch, 54 of Jericho, had spent the money on personal expenses, including car, mortgage, and country club bills, said the DA's office.
Koch was paid $648,000 in insurance premiums as president of Koch Insurance Industries, Inc. in Baldwin between 2009 and 2011, the DA said. Instead of using the money to pay various insurance companies for which he was acting as their agent, Koch allegedly stole the money for himself, reported the DA.
Rice's office said the stolen money was used for Koch's own expenses, including payments on a Mercedes-Benz, mortgage bills, gambling trips, country club membership fees, and income taxes.
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“Mr. Koch’s theft left his client without coverage and facing potentially serious liability issues, but all he cared about was living the high life on somebody else’s dime,” said Rice. “It’s unimaginable that he thought he could get away with so brazenly flaunting the theft of more than a half million dollars.”
Koch is charged with three counts of second degree grand larceny, third degree grand larceny, and first degree scheme to defraud. He was arraigned Thursday at First District Court in Hempstead.