Calozza Admits Guilt In Scams Ex-Insurance Agent Bilked $243,485 From Idaho Victims

The United States Attorney’s Office in Seattle announced that an insurance agent formerly licensed in Idaho has entered a plea of guilty to nine felony charges of fraudulent theft and two counts of felony money laundering.

Michael Calozza will be sentenced in U.S. District Court on November 2, 1995.

Calozza had been investigated by Idaho, Montana, Oregon, Washington and by the U.S. Attorney’s Office in Seattle. The indictment alleged that Calozza obtained money from his insurance clients by falsely representing to them that he could put their money in a high-yield investment plan. There was no such investment opportunity, instead, Calozza converted the victim’s money for his own use. The amount of funds embezzled from the 150 victims totals approximately $6 million dollars.

There were four victims in Idaho who lost a combined total of $243,485. The investigation of their complaints was handled by the Kootenai County Sheriff’s Office. The State of Idaho Department of Insurance revoked Calozza’s non-resident insurance license Dec. 1, 1994.