A former insurance agent from Texas will spend five years in federal prison for overcharging nearly $300,000 in insurance premiums. Carlyle Poindexter pleaded guilty to conspiracy to commit wire fraud and was also fined $50,000.
The scam came to light after an investigation by the Texas Department of Insurance (TDI). Poindexter worked with another agent, Jose Jaime Rodriguez, to place a surety bond for the Maverick County Solid Waste Authority (MCSWA). The bond started at $2.9 million and later increased to $3.8 million, required for the landfill’s state permit.
Over six years, Poindexter billed MCSWA $712,350 but only sent $329,313 to the insurance company, Lexon Insurance. He pocketed the difference, almost $300,000, on top of the $82,532 he and Rodriguez received in commissions. Poindexter claimed the extra charges were fees, but he never had proof that MCSWA agreed to those fees.
“It’s just theft of taxpayer money,” said Chris Yates, an investigator with the TDI fraud unit. Yates worked closely with the FBI in uncovering the fraud, which hurt the local community.
Lexon Insurance discovered the overbilling in 2017 and reported it to TDI’s Fraud Unit. As a result, Poindexter’s insurance license was revoked in 2020, and Rodriguez was suspended for two years. Both men were ordered to pay restitution to MCSWA.
This case highlights the importance of oversight in the insurance industry. It also shows how fraud can directly affect local government bodies and the public they serve. Thanks to dedicated investigators, the scheme was exposed, and justice is being served.