Two Executives Indicted

Two former top executives of a Boise insurance agency have been indicted by an Ada County grand jury on a racketeering charge that involves 165 instances of felony theft, fraud, forgery and soliciting the destruction of evidence.

Bond was originally set at $250,000 for Richard W. Hoyle, president of Hoyle Insurance Agency, and $100,000 for agency vice president, Rodney Wagner.

The eight-count, 52-page indictment alleged that Hoyle was responsible for siphoning more than $500,000 over 3-1/2 years from the insurance agency to finance his real estate business.

First Security Insurance of Idaho Inc., which acquired the Hoyle agency 18 months ago, issued a statement on Monday that it will stand behind all policies placed by the agency.

The company, which is a subsidiary of First Security Corp. of Salt Lake City, is auditing the books and records to make sure all insurance coverage placed by the agency is in full force and effect, First Security President Dan Schull said.

Emphasizing that neither Hoyle nor Wagner are still employed by the First Security Insurance, Schull said his company has already filed suit against Hoyle and his agency to recover any damaged that may have been suffered.