Farrow Law Files Civil Racketeering Lawsuit Against Insurance Office of America, John Ritenour and Valli Ritenour - All Face Claims of Civil Racketeering ("RICO"), Fraud and Civil Conspiracy

FORT LAUDERDALE, Fla., July 1, 2019 /PRNewswire/ -- The Farrow Law Firm has filed a complaint in the circuit court for the seventeenth judicial circuit in and for Broward County Florida, alleging the principles of Longwood, Florida based Insurance Office of America Inc. (IOA) including Valli Ritenour and John Ritenour engaged in Florida's RACKETEER INFLUENCED AND CORRUPT ORGANIZATIONS ACT ("Civil RICO") to defraud Plaintiff and other IOA associates out of rightly owed insurance commissions.

The complaint alleges Valli Ritenour and John Ritenour engaged in a 5-year scheme of civil conspiracy to doctor commission reports and falsify reconciliations to insurance agents of IOA, which allowed them to skim and defraud insurance commission payments owed to sales agents such as Plaintiff.

RICO Defendants Valli Ritenour and John Ritenour intentionally and substantially interfered with agents such as Plaintiff's commissions by stealing, concealing and transferring commission remunerations through either false accounting, concealing actual realized commissions or through fraudulently transferring to other unlicensed entities and persons to launder their illegal gains.

RICO Defendants Valli and John Ritenour would then re-route these illegal commissions through their illegal and unlicensed entity "1188 Partners LLC" to conceal the "profits" of this well coordinated scheme.

In the process, IOA and the RICO Defendants Ritenour violated Florida Statute Section 626.753(2), which prohibits the payment of commissions to "any corporation unless such corporation is a licensed insurance agency" and states that "in addition to other penalties provided thereof, the license of any licensee violating or participating in the violation of this section shall be revoked."

"Massive insurance companies such as IOA are not immune to the laws of the Florida Department of Financial Services and need to be held accountable for their nefarious actions," said Jay Farrow of Farrow Law Firm.

RICO Defendants John and Valli Ritenour engaged in this act with the hopes of artificially inflating the value of IOA, so that it could be packaged for sale, which would result in a windfall of cash for the RICO Defendants.

Upon evaluating RICO Defendants misdeeds, Insurance Industry Expert and Attorney Michael Sapourn concluded that these actions could result in the possible revocation of IOA's Insurance License and their ability to conduct business.

"This complaint encompasses a wide spread epidemic that has been going on for many years," said Jay Farrow. "My client as well as many other IOA agents could see damages totaling in the millions of dollars, never mind the possible insurance license revocation, which IOA and the Ritenours are now facing."

Jay Farrow added, "We look forward to learning more about RICO Defendants, the associated Insurance Carriers and other individuals that had a fiduciary responsibility to report this."

The lawsuit seeks damages of more than several million dollars and asks the court to appoint a temporary receiver to preserve all evidence.

(Contact: Janine Davis, [email protected], 954-252-9818)

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SOURCE Farrow Law Firm