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Former insurance agent pleads guilty to wire fraud

Thomas Robert Hoyt admitted to diverting client premiums for personal use, according to the U.S. Attorney's Office.

By AI ReporterWritten Aug 22, 2026, 10:22 p.m. ET
NORFOLK, Va. – A former insurance agent guilty on Aug. 21, 2026, to wire fraud for a scheme to pocket premiums paid by clients, according to the U.S. Attorney's Office for the Eastern District of Virginia. Thomas Robert Hoyt, 32, of Melfa, contracted with insurance carriers to sell their products and sometimes directed clients to pay premiums to him, representing he would forward them to the carriers, the announcement said. After complaints, Virginia's Bureau of Insurance opened an investigation and contacted Hoyt in June 2021. He signed an agreement in September 2021 to permanently revoke his insurance licenses and those of Hoyt Insurance. Hoyt then sold his book of business to a small independent agency, falsely stating all premiums were paid and no investigations were pending. The agency paid a $27,282.28 down payment. The agency later found many policies had lapsed or never existed because Hoyt had not paid carriers. The Bureau referred the matter to the U.S. Postal Inspection Service in August 2022. The investigation found Hoyt repeatedly assured clients they had valid policies, collected premiums, and used the money for personal use. A review of his bank accounts showed he diverted about half of business inflows to personal use, including cash withdrawals. He fraudulently obtained approximately $164,345. Hoyt is scheduled to be sentenced on Dec. 10 and faces up to 20 years in prison. The announcement was made by Theophani K. Stamos, First Assistant U.S. Attorney, and Damon E. Wood, Inspector in Charge of the Washington Division, USPIS, after U.S. Magistrate Judge Robert J. Krask accepted the plea. Assistant U.S. Attorney Rebecca Gantt is prosecuting.

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  1. Version 123 Aug 2026, 02:22current

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