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Insurance Agent Berry Bishop Accused of Fraud, Misuse of Premium

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A prominent Arkadelphia insurance agent, Berry Bishop, had his insurance license suspended Tuesday morning in an emergency order alleging seven-figure bank fraud and conversion of premium to personal use.

Arkansas Insurance Commissioner Allen Kerr also suspended the insurance license of Bishop’s agency, Alliance Insurance Group, which has also has an office in Hot Springs. (The insurance department lists Bishop as a resident of Garland County.)

Update: Alliance Insurance Agents Surprised by AID Order; Plan to Buy Insolvent Agency

According to the order, Bishop and Alliance used information from four actual customers to create phony insurance policies to be used as collateral on as many as 17 premium finance agreements with the Bank of Prescott. The bank transferred more than $1 million to accounts controlled by Bishop and Alliance, Kerr’s order said.

Kerr’s order also said Alliance cannot account for about $1.7 million in premium received from customers, and that Bishop and Alliance “failed to maintain premium funds in trust for customers and have converted premium funds to personal use.”

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