For Immediate Release
October 25, 2010
Catherine L. Bernhard, Senior Assistant Attorney General
Insurance Fraud Unit Prosecutor
Consumer Protection and Anti Trust Bureau
(603) 271-2898 or (603) 271-7973 x 235
On October 22, 2010, the Hillsborough County-South, Clerk's Office, released grand jury indictments against Stephen J. Drohan of Hudson, NH. Mr. Drohan was charged with multiple counts of theft by misapplication of property and one count of forgery related to Mr. Drohan's operation of SJD Insurance Agency. On October 22, 2010, the NH Insurance Department issued a summary suspension of Stephen J. Drohan's NH Insurance Producer license and the license of Mr. Drohan's agency, SJD Insurance Agency which is located at 21 Springwood Circle, in Hudson, NH. Mr. Drohan is charged with obtaining and using as his own more than fifty thousand ($50,000) dollars in client or premium finance company money when he had an obligation to use the money to pay his customer's insurance premiums.
Five of the indictments allege a class A felony of theft by misapplication of property. During 2009 and 2010 it is alleged that Mr. Drohan obtained five (5) checks from one premium finance company to be used to pay one year's insurance premium in full for five trucking companies. The proceeds from the checks were not used to pay the trucking companies' premiums in full. Two additional indictments allege that Mr. Drohan obtained full payment of one year's premium in cash or check from two other trucking companies to be used to pay for their insurance. In each of these seven (7) cases, instead of using the cash and the proceeds of the checks to obtain the insurance policies, Mr. Drohan used the funds as his own. Mr. Drohan was also charged with committing the class B felony of forgery for completing and uttering a premium finance agreement which purported to be, but was not, signed by the owner of one of the trucking companies. The terms of the agreement obligated the trucking company owner to repay funds to the premium finance company when the funds were actually obtained and used by Mr. Drohan as his own.
Any individuals with information relating to these or similar transactions related to Stephen J. Drohan and his operation of SJD Insurance Agency may contact the New Hampshire Department of Insurance Anti Fraud Unit at 271-7973 x 218.
New Hampshire Department of Justice | 33 Capitol Street | Concord, NH | 03301