An insurance agent from Meridian was sentenced Monday to up to five years in prison, after pleading guilty to taking $3,700 of premium funds for personal use.
Raymond R. Rice, 44, was a Farmers Insurance agent. Fourth District Judge Thomas Neville gave Rice a five-year prison sentence Wednesday, saying he could ask for parole after serving one year. Neville placed Rice on a retained-jurisdiction program, also known as a "rider." That means Rice will get treatment and be evaluated in an Idaho Department of Correction facility for up to a year before Neville decides whether Rice will serve the prison sentence or be placed on probation.
The court will set Rice's restitution at a later date, according to Attorney General Lawrence Wasden.
Rice pleaded guilty Dec. 17 to two counts of misappropriation or diversion of fiduciary funds. He admitted that between Aug. 31, 2011, and Nov. 4, 2011, he took 13 customer premium payments and used them for personal use, Wasden said.
The case was investigated by the Idaho Department of Insurance. The department revoked Rice's license on May 15 and ordered him to pay $500 of a $5,000 administrative penalty immediately and the remaining $4,500 before he can re-apply for a license. Rice was prosecuted by Deputy Attorney General Kenneth Robins of the Attorney General's Insurance Crimes Unit.