Thursday, February 07, 2002

State yanks Fiorini's insurance license


Agent accused of defrauding clients

By James McNair
The Cincinnati Enquirer

        George Fiorini, whose 28-year career as an insurance agent flamed out after steering Tristate residents to what officials say are potentially worthless securities, has sold his last policy.

        The Ohio Department of Insurance said Wednesday it had revoked Mr. Fiorini's license to sell insurance. Mr. Fiorini had been given 30 days to respond to state allegations that he defrauded six clients of $191,083 from 1997 to 2001, but he never asked for a hearing.

        The Cleves resident did not return a call for comment.

        In December, the Insurance Department accused Mr. Fiorini of selling promissory notes in a company called IGW Trust to six of his clients. The Ohio Division of Securities had already stopped him from selling the IGW notes — after he had sold $1.2 million worth.

        IGW, the state said, doesn't exist.

        As reported in Sunday's Enquirer, IGW note holders have not been able to get their money back and have sued Mr. Fiorini, who is caught up in a much larger imbroglio involving a company called Guardian Investments and an ex-con named Terry Quatkemeyer, a former Cincinnatian now living in Bel Air, Calif.

        Insurance Department spokesman Todd Boyer said the IGW case has been referred to law enforcement officials.

       



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