Insurance Office of America, one of the largest privately held insurance companies in the United States, is facing Three Civil Racketeering lawsuits alleging that Defendants John Ritenour and his son Heath Ritenour, along with key Board Members, orchestrated a scheme involving witness tampering, felonious transacting of insurance without a license and securities fraud among other criminal activities.
Fort Lauderdale, FL, March 16, 2020 –(PR.com)– Farrow Law Firm (“Farrow”) has filed a complaint in Broward County Circuit Court, #CACE-20-001518, alleging the principals of Longwood, Florida-based Insurance Office of America Inc. (IOA), including John Ritenour and Heath Ritenour, engaged “in a pattern of criminal and racketeering activity” by defrauding IOA insurance agents and IOA customers.
It is alleged that the Plaintiff Roy Caswell is now the victim of IOA’s insurance criminal enterprise, which has been operating one of the largest, internal “Ponzi Schemes” in the United States against its own employees and sales agents and while a handful of IOA “Captains” stand to line their pockets via this scheme, syndicate leaders John Ritenour and Heath Ritenour look to make millions of dollars from the criminal enterprise.
As set forth in the general allegations, this case involves numerous causes of action and a cast of Defendants with various involvement including John Ritenour, Heath Ritenour, Valli Ritenour, John Harrold, Mark Manfre, John Wick, Anthony Tatum, Brian Moran, Beth Schick, Christopher Labrecque, Lisa Quintero, Tina Choiniere, Gregory Masters, Chip Meyers, Don Whitten, Jim Collier and NuView IRA. The complaint further alleges the Plaintiff and other IOA employees were deceived and defrauded into purchasing illegally inflated stocks in an effort to continue the “Ponzi Schemes.”
The Complaint alleges that NuView IRA Inc., a Florida corporation, an investment company with close ties to Advisory Member and RICO Defendant John Ritenour, also participated by aiding the “Ponzi Schemes.” It is alleged that RICO Defendants willfully and intentionally misrepresented to the Plaintiff that he would be purchasing IOA Group stock and that IOA and IOA Group’s financial health was stable and prosperous. However, it is alleged that the asserted “prosperity” was, in part, the result of stealing producer accounts and profiting through customer over-billing.
Allegedly; IOA Group was fraudulently transferring the Plaintiff’s, other employees’ and sales agents’ stock purchase monies to personal and other business ventures. The transfers were made by systematic and continuous revenue sharing or fraudulent transfers between individual RICO Defendants and their owned and operated business endeavors with the actual intent to hinder, delay or defraud creditors such as the Plaintiff and which constitutes a fraudulent transfer in violation of Florida Statue §726.105(1)(a).
The Lawsuit alleges that at a recent shareholders’ meeting Heath Ritenour announced, “this is a ‘once in a lifetime opportunity’” [to buy additional shares of IOA stock due to the retirement of John Ritenour]; “you will never get another chance like this.”
The lawsuit alleges, the Insurance Office of America’s misconduct was not only reserved for IOA’s insurance agents but IOA also took advantage of its customers engaging “in fraudulently double-billing their unsuspecting and trusting customers.” The lawsuit also alleges that IOA “wrongfully bill[ed] large corporate customers for ‘marketing fees’ and ‘agency fees,’ where IOA had not provided any such services.”
This alleged, illegal charging of “agency fees” or “marketing fees” fraudulently involves deceiving customers into believing they are receiving services paying additional premiums, which are unnecessary, and, in fact, services are never provided as represented.
Allegedly, this is the third (3rd) Civil Racketeering case against the Ritenours and at least the sixth (6th) lawsuit for fraud involving IOA that is publicly known at this time.
Attorney Farrow alleges: “We continue to investigate and uncover more evidence and intend on widening the net to include all of those with any involvement.”
Published at Mon, 16 Mar 2020 17:24:00 +0000